Question

what is receipt and payment account ?​

Answer 1

Answer:

A receipt and payment account is a summarized cash book (cash and bank) for a given period". or. "This is simply a summary of the cash transactions as in the cash book, analyzed and classified under suitable headings, including the opening and closing balances".

Answer 2

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A payment account is any account into ➡️ which you deposit income, or out of which you pay bills.

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