Question

prepare receipts and payment accounts from above information

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Answer 1

Step 1:

Take opening balance of cash in hand and cash at bank from the Cash Book and enter on the debit side of Receipts and Payments Accounts as its first item. Credit Balance, if any, of bank balance (i.e., Bank Overdraft) shall be shown on the credit side of Receipts and Payments Account as its first item

Step 2:

Create Your Receipts.

Answer 2

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