Assertion: The Balance Sheet shows the financial position of an organisation during the year.
Reasoning: Receipts and Payments record cash receipts and cash expenditures only.

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

The Balance Sheet shows the financial position of an organisation on a particular date. Receipts and Payments is a summary of the cash book. Its form is identical with that of simple cash book (without discount and bank columns) with debit and credit sides. Receipts are recorded on the debit side while payments are entered on the credit side