Receipt and payments account is a summary of the?
...Receipt and payments account is a summary of the?
Budget
Trading account
Cash book
Profit and loss account
Correct answer is C
A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. All cash received and paid during the period whether capital or revenue is included in this account. It is the equivalent of a cashbook.
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Motor Vehicle Account as at 31st December 2001. Debit: Jan. 1, cost ................N1950 000 Dec...