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प्रश्न
What is Receipts and Payments Account?
उत्तर
Receipts and Payments Account is a summary of cash transactions over a specified time period usually one year. It is prepared by non-commercial organisations such as clubs, societies and associations.
APPEARS IN
संबंधित प्रश्न
The objective of preparing a ______ account is to find out the cash position of the organization.
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.
In receipt and payment account opening balance of cash in hand, cash at bank and all cash receipts are shown on the ______ side.
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).
It contains both capital and revenue items.
Give one difference between Receipts and Payments Account and Cash Book.
Mention any two features of Receipts and Payments Account.
