Practicing Success
The Receipt and Payment Account is the summary of....... |
Credit Cash Bank Cash or Bank |
Cash or Bank |
The Receipt and Payment Account is the summary of cash and bank transactions which helps in the preparation of Income and Expenditure Account and the Balance Sheet. It is a legal requirement as the Receipts and Payments Account has also to be submitted to the Registrar of Societies along with the Income and Expenditure Account, and the Balance Sheet. |