Question

What are features of Recipt and Payment Account?​

Answer 1

Answer:

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Answer 2

Explanation:

Features of Receipts and Payments Account-

1.It is also known as Cash Book Summary for the Not-for-Profit organizations because it records all the cash and cash equivalents like cheques transactions throughout the year.

2.It starts with beginning cash and bank balance and ends with ending cash and bank balance.

3.This account shows cash transactions of both capital and revenue nature.

4.Mostly it shows a debit balance. In the exceptional case of overdraft balance, its net balance may be credit.

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