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प्रश्न
All cash payments are recorded on the ______ side of the receipt and payment accounts.
पर्याय
Credit
Debit
Both Credit and Debit
None of these
उत्तर
All cash payments are recorded on the Credit side of the receipt and payment accounts.
APPEARS IN
संबंधित प्रश्न
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.
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).
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 two/three uses of Receipts and Payments Account.
Give one difference between Receipts and Payments Account and Cash Book.
A receipts and payments account is a nominal account. Justify a reason either for or against.
