Question

Receipt and payment account format fir NGO format.​

Answer 1

Answer:

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It is a summary of the cash book.

We record all the cash receipts during the whole year on its debit side. ...

We include both receipts and payments in cash whether they are of capital and revenue nature.

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Answer 2

Answer:-

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Features of receipts and payments account :-

It is a summarized form of Cash Book. It starts with opening Cash and Bank balance (sometimes they are merged) and ends with their closing balances. All receipts are recorded on its left-hand (Debit) side and all payments are recorded on its right-hand (credit) side.

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