Question

receipt and payment account is a ​

Answer 1

Answer:

receipt and payment account is a cash book

Explanation:

Answer 2

Answer:-

Receipt and payments account is the summary of cash and bank transaction.

Receipt and payments account is prepared at the

end of the accounting year on the basis of cash receipts and cash payments recorded in the cash book.

It simply is a summary of cash and bank transactions under various head's. The opening in Receipts and payments account represents cash in hand or cash at bank which is shown on receipt side and the closing balance of this account represents cash in hand nd bank balance at the end of the year , which appears on the credit of the Receipts and payments account.So, Receipts and payments account is a summarised version of cash book.