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What is a Receipts and Payments Account?

Class 12 Accounts in Class 12 3 years ago

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Solution : A RECEIPTS and PAYMENTS Account is a summary of BANK and cash transactions. It is based on cash basis of accounting. Receipts are shown on the left HAND side while payments are shown on the right hand side. It starts with the opening cash and bank BALANCES and ends with their closing balances.
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Posted on 04 Dec 2021, this text provides information on Class 12 related to Accounts in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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