Which of the following is the equivalent of the receipts ...
Which of the following is the equivalent of the receipts payment accounts?
Income and expenditure accounts
Cash book
Subscriptions account
Profit and loss account
Correct answer is B
Following are the characteristics of receipt and payment account:
From the above characteristics we can say the receipt and payments account is equivalent to the cash book which is used in recording all cash transactions
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\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques rece...