In Receipts and Payments account, if the payment side is more than the receipt side, the balance amount represents__________ and it will appear on the____________________side of the account.

Overdraft, Debit

The opening balance in Receipt and Payment Account represents cash in hand/cash at bank which is shown on its receipts side and the closing balance of this account represents cash in hand and bank balance as at the end of the year, which appear on the credit side of the Receipt and Payment Account. However, if it is bank overdraft at the end it shall be shown on its debit side as the last item.