Question

Receipt and payment accounts means
For example and definition

Answer 1

A Receipts & Payments Account is a summery of cash receipts ans cash payments relating to a given period.

According to William Pickles,"Receipts and Payments Account is nothing more than a summary of the Cash Book over a certain period, analysed & classified under suitable headings. It is the form of account most commonly adopted by the treasures of societies, clubs, associations,etc. when preparing the results of the year's working.

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