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Explain the features of Receipts and …

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Explain the features of Receipts and Payment.

Posted by Nafisa Jalali 5 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 7 months ago

Features of Receipts and Payments Account

It is also known as Cash Book Summary for the Not-for-Profit organizations because it records all the cash and cash equivalents like cheques transactions throughout the year.
It starts with beginning cash and bank balance and ends with ending cash and bank balance.
This account shows cash transactions of both capital and revenue nature.
Mostly it shows a debit balance. In the exceptional case of overdraft balance, its net balance may be credit.
The concern prepares it on the last day of the accounting year.
Double Entry bookkeeping system does not apply to this account since it is a summary of transactions which are already recorded in the Cash Book.
It does not involve transactions which do not include cash or bank items.

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