Receipt and payment account is which type of account
Asked by admin @ in Accountancy viewed by 470 People
Receipt and payment account is which type of account
Answered by admin @
*A receipt and payment account is a summarized cash book (cash and bank) for a given period".
or
"This is simply a summary of the cash transactions as in the cash book, analyzed and classified under suitable headings, including the opening and closing balances".
Non-profit organizations (also called non-trading concerns) prepare a receipt and payment account at the end of year. With the help of this account and some additional information, an income and expenditure account is prepared to disclose the true results of non-profit organizations. Receipt and payment account cannot disclose the true result of non-trading concern.
All the information necessary for the preparation of this account is available from cash book. Various cash receipts and cash payments during the whole year find place in this account in a classified manner. Its closing balance indicates cash in hand and cash at bank at the year end.
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