Question

State any two features of receipt and payment account

Answer 1

Explanation:

Following are the features of receipt and payment account: It is abridged addition of cash book - it is, in effect, a summary of cash book. All cash receipts during the whole year are recorded on its left hand (i.e., debit) side. ... Cash receipts and cash payments of both capital and revenue nature are recorded here.

Answer 2

Following are the features of receipt and payment account: It is abridged addition of cash book - it is, in effect, a summary of cash book. All cash receipts during the whole year are recorded on its left hand (i.e., debit) side. Cash receipts and cash payments of both capital and revenue nature are recorded here.