Question

receipt and payment a/c is a summary of

Answer 1

hello!

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Answer:-⤵

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↪Receipt and payment account is a summary of actual cash receipts and payments take from the cash book over a certain period.

↪All transaction received and paid during the period of capital or revenue is included in this account.

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Answer 2

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Receipt and payments account:-

Receipt and payments account is a summary of cash receipts and cash payments.

It includes all cash receipts and cash payments.It is similar to a cash book and hence it serves the purpose of a cash book.All cash transactions whether revenue or capital in nature are accounted.This account begins with opening cash balance and ends with closing cash balance.

Items of receipts and payments account are classified as:

• revenue receipts
• capital receipts
• revenue payments
• capital payments.