What are receipts? Explain its types and give examples.
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Meaning of receipt:
It refers to the income generated by the business.
It is the amount that the business organisation receives during the course of audit.
Classification of Receipts:
Capital Receipt: It is not obtained during normal business activities. For example,capital contributed by owners and receipts from sale of fixed assets.
Revenue Receipt: It is obtained during normal business activities. For example, Discount Received, Rent Received and money earned from selling goods and services.
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