Question

State the basis of accounting, on which a Receipts and Payments Account is prepared in case of Not-for-Profit Organisation.
Or
What is the basis for perparing Recepits and Payments Account?

Answer 1

Answer:

Question

What is the basis for perparing Recepits and

Payments Account?

Answer

Receipts and Payments Account is prepared on Cash Basis of Accounting. As per this basis, all receipts are debited and all payments are credited to Receipts and Payments Account.

Explanation:

hope helps