Question

Why is receipts and payments account a real account?

Answer 1

Receipt and payment account refers to. That account which is prepared by the non profit organisations.. to. Know all the cash transaction in the year.. In. Other words this account is the summary of cash transactions..

It is also called real account as it accept the rule of real account. The rule is

"" debit what comes in""

and

" "credit what goes out..." "