Question

Reciept and payment account is prepared according to which basis of açcounting

Answer 1

Receipt and payment account is prepared for non trading business for example hospital, school, college, non government organisations, institutions, service providers if any.

where no production is meant so this is the place where we need receipt and payment account for knowning their surplus or their deficiency.

I HOPE IT WILL HELP YOU. . .

please mark it......