Accountancy, asked by Terabaap1472, 11 months ago

Receipt and payment account is summary of profit and loss account write your views on the statement

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Answered by akifjameel180

Answer:

Receipts and Payments Account is a summary of cash and bank transactions over a certain period. It is prepared by societies, clubs, associations etc. ... On the other hand, Income and Expenditure Account, Balance Sheet and Profit and Loss Account record non- cash items such as depreciation.

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