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प्रश्न
Receipt and Payment account is a _____ account.
विकल्प
Real
Nominal
Personal
Trading
उत्तर
Receipt and Payment account is a Real account.
Explanation:
A Receipt and Payment Account is a real account. Real accounts deal with assets and liabilities, and the Receipt and Payment Account is essentially a summary of all cash and bank transactions
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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.
State five uses of Receipts and Payments account.
It is a summary of cash transactions. It is prepared to ascertain the cash balance at the end of the accounting year.
All cash payments are recorded on the ______ side of the receipt and payment accounts.
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.
Receipt and payment account has the following limitation(s).
Its balance at the end shows the cash in hand and at bank (or overdraft) at the end of the year.
It contains both capital and revenue items.
Give one difference between Receipts and Payments Account and Cash Book.
