From simple questions to complex issues, IDNLearn.com has the answers you need. Whether your question is simple or complex, our community is here to provide detailed and trustworthy answers quickly and effectively.
Sagot :
True
Receipt and payments account is a real account just like cash account. Its prepared at the end of the year. All receipts are recorded on the debit side and expenses on the credit side. It is basically a summary of cash book, it records all cash transactions of all nature revenue and capital.
What is receipt and payment account ?
Receipts and payments accounts are created using a simple form of accounting that summarises all monies received and paid via the bank and in cash by the charity during its financial year, along with a statement of balances.
- The difference between receipts and payments represents the balance of cash in hand or at bank (or bank overdraft at the closing date). Income and expenditure account: The difference between income and expenditure represents either surplus or deficit balance.
Learn more about Receipt and payment account here:
https://brainly.com/question/25123245
#SPJ4
Your presence in our community is highly appreciated. Keep sharing your insights and solutions. Together, we can build a rich and valuable knowledge resource for everyone. Thank you for choosing IDNLearn.com. We’re here to provide reliable answers, so please visit us again for more solutions.
