Question

What do you mean by receipts and payment account? ​

Answer 1

Answer:

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Receipts and Payments Account is a report of cash and bank transactions during a period. It is used in place of an income and expenditure statement. In other words, It is a consolidated summary of cash book, prepared for the required period. It is updated with every cash or bank transaction or voucher entry.

Answer 2

Receipts and Payments Account is a report of cash and bank transactions during a period. It is used in place of an income and expenditure statement. In other words, It is a consolidated summary of cash book, prepared for the required period. ... It is updated with every cash or bank transaction or voucher entry.