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प्रश्न
Give two/three uses of Receipts and Payments Account.
Mention any two uses of Receipts and Payments Account.
उत्तर
The main uses of Receipts and Payments Account are as follows:
- Receipts and Payments Account serves as the basis for preparing the Income and Expenditure Account and the Balance Sheet.
- It alerts the management of a non-trading organisation about decline in cash receipts and increase in cash payments.
- It informs the members about main sources of income and major items of payments of their organisation.
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संबंधित प्रश्न
The objective of preparing a ______ account is to find out the cash position of the organization.
Write any two features of the Receipt and Payment Account.
It is a summary of cash transactions. It is prepared to ascertain the cash balance at the end of the accounting year.
In receipt and payment account opening balance of cash in hand, cash at bank and all cash receipts are shown on the ______ side.
The primary objective of preparing this Account is to find out the cash position, opening and closing balances of cash in hand and at bank.
It alerts the management of a non-trading organisation about decline in cash receipts and increase in cash payments.
Receipt and payment account has the following limitation(s).
It contains both capital and revenue items.
Receipt and Payment account is a _____ account.
Give one difference between Receipts and Payments Account and Cash Book.
