Question

What is receipts and payments account.

Answer 1

• Receipt and payment account is an abridged cash book for a furnished period of time.
• This is a synopsis of the transactions in the form of cash in cash book.
• This account is prepared on the foundation of the data obtainable from the cash book.

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Answer 2

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Receipts and payments account is summary of cash transactions over a specified time period ussually one year. It is prepared by non-commercial organisations such as clubs,societies and association.

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