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प्रश्न
Mention any two features of Receipts and Payments Account.
State two features of Receipts and Payments Account.
उत्तर
Features of Receipts and Payments Account are as follows:
- The Account is a summary of the Cash Book combining cash and bank transactions.
- The Account begins with the opening balance of cash in hand and at bank. Cash in hand is written on the debit side because it always shows a debit balance. Cash at bank (debit balance) is written on the debit side, but overdraft (credit balance) is written on the credit side.
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.
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.
Receipt and Payment account is a _____ account.
What is Receipts and Payments Account?
