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Question
Receipts and payments account is prepared with the help of:
Options
Daily Cash Transactions
Weekly Cash Transactions
Monthly Cash Transactions
Yearly Cash Transactions
MCQ
Solution
Daily Cash Transactions
Explanation:
A Receipts and Payments Account is generated with the help of Daily Cash Transactions in the case of Non-Profit Organizations, but it is provided in summarised form, that is, summarising transactions of the same sort together.
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Preparation of Income and Expenditure Account
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