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Question
Out of the following items, which one is shown in the Receipts and Payments Account?
Options
Outstanding Salary
Depreciation
Life Membership Fees
Accrued Subscription
MCQ
Solution
Life Membership Fees
Explanation:
The Receipts and Payments Account records all cash receipts and payments of revenue and capital nature. Except for life Membership Fees, there is no cash inflow or outflow.
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Receipts and Payments Account
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