what is receipt and payment account
Answers
Answered by
6
it is a nominal account records the receipt and payment of non profit organisation
tamim1:
more information
Answered by
3
These can be explained as a summary of actual cash receipts and payments from the cashbook after a period of time. Cash received and which is paid during this period is recorded in this account. The summary has to appear under a proper head. Features of the A/c are;
1. Receipt and Payment account is a summary of the cash book. Receipts are recorded on the debit left side and all payments on the credit right side.
2. The opening cash or bank balances starts the account. The opening balances are recorded on the debit while bank overdraft is recorded on the credit side.
3. The account records all cash receipts and payments regardless they are capital or revenue nature.
4. appropriate heads of account are used for similar types of receipts and payment.
5. At the end of the account, balances of both cash and bank are indicated.
1. Receipt and Payment account is a summary of the cash book. Receipts are recorded on the debit left side and all payments on the credit right side.
2. The opening cash or bank balances starts the account. The opening balances are recorded on the debit while bank overdraft is recorded on the credit side.
3. The account records all cash receipts and payments regardless they are capital or revenue nature.
4. appropriate heads of account are used for similar types of receipts and payment.
5. At the end of the account, balances of both cash and bank are indicated.
Similar questions