Question

what is the outcome of receipt and payment account?​

Answer 1

It generally shows a debit balance. In the case of overdraft balance, its net balance may be credit. Its closing balance shows closing cash in hand and closing cash at the bank. Non-cash items such as depreciation, outstanding expenses, accrued incomes are also shown in this account.

Answer 2

Explanation:

it generally shows a debit balance. In the case of overdraft balance, its net balance may be credit. Its closing balance shows closing cash in hand and closing cash at the bank. Non-cash items such as depreciation, outstanding expenses, accrued incomes are also shown in this account.