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Question
In receipt and payment account opening balance of cash in hand, cash at bank and all cash receipts are shown on the ______ side.
Options
Credit
Debit
Both Credit and Debit
None of these
Solution
In receipt and payment account opening balance of cash in hand, cash at bank and all cash receipts are shown on the Debit side.
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RELATED QUESTIONS
Write any two features of the Receipt and Payment Account.
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.
Receipt and Payment account is a _____ account.
Give two/three uses of Receipts and Payments Account.
Mention any two features of Receipts and Payments Account.
What is Receipts and Payments Account?
