Question

Receipts and payment account​

Answer 1

Answer:

A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. All cash received and paid during the period whether capital or revenue is included in this account.

Answer 2

Answer:

receipt and payment account is a summary of cash book

All cash receipt are recorded on receipt side either debit side and all cash payments are recorded on payment side either credit side