Write any two salient features of the receipts and payment account
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The following are the features of the Receipts and Payments Account:
1. It commences with the opening balance of cash in hand or / and at bank. This is put, naturally, on the debit side.
2. Only actual cash transactions will be shown in the account. Receipts of cash (or cheques) are put on the debit side and payments on the credit side. Both receipts and payments are classified under suitable headings.
hope it may help you
1. It commences with the opening balance of cash in hand or / and at bank. This is put, naturally, on the debit side.
2. Only actual cash transactions will be shown in the account. Receipts of cash (or cheques) are put on the debit side and payments on the credit side. Both receipts and payments are classified under suitable headings.
hope it may help you
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