Assertion: Receipts and payments record cash receipts and cash expenditures only pertaining to the current year. Reasoning: Receipts and Payment account is prepared on Cash Basis of accounting.

Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A. Both Assertion (A) and reasoning (R) are correct and but R is not the correct explanation of A. Assertion (A) is true but Reasoning (R) is not correct. Assertion (A) is not true but Reasoning (R) is correct.

Assertion (A) is not true but Reasoning (R) is correct.

Receipts and payments record cash receipts and cash expenditures only including those pertaining to previous years or future years.