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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.
APPEARS IN
संबंधित प्रश्न
State five uses of Receipts and Payments account.
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.
It alerts the management of a non-trading organisation about decline in cash receipts and increase in cash payments.
It contains both capital and revenue items.
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.
Mention any two features of Receipts and Payments Account.
What is Receipts and Payments Account?
