Question

receipt and payment a count is prepared on?
a. cash basis
b. credit basis
c. account basis
d. time basis

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Answer 1

Explanation:

HEY MATE ..

A.) IS THE RIGHT ANSWER

Receipts and payments Account is prepared on cash basis of accounting. It is a summarized cash book. All the cash receipts during the whole year is recorded on debit side. All the cash payments during the whole year is recorded on credit side. incomes or expenses that do not involve the inflow of cash are not recorded in this account.

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