Question

state the meaning of receipt 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

A receipt is a written acknowledgment that something of value has been transferred from one party to another

A payment account is a bank account that allows you to make daily payment transactions. These transactions can include depositing funds, making cash withdrawals and card transactions.

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