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describe the salient features of receipts and payment account
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Features of Receipts and Payments Account
- It is also known as Cash Book Summary for the Not-for-Profit organizations because it records all the cash and cash equivalents like cheques transactions throughout the year.
- It starts with beginning cash and bank balance and ends with ending cash and bank balance.
- This account shows cash transactions of both capital and revenue nature.
- Mostly it shows a debit balance. In the exceptional case of overdraft balance, its net balance may be credit.
- The concern prepares it on the last day of the accounting year.
- Double Entry bookkeeping system does not apply to this account since it is a summary of transactions which are already recorded in the Cash Book.
- It does not involve transactions which do not include cash or bank items.
- It is also known as Cash Book Summary for the Not-for-Profit organizations because it records all the cash and cash equivalents like cheques transactions throughout the year.
- It starts with beginning cash and bank balance and ends with ending cash and bank balance.
- This account shows cash transactions of both capital and revenue nature.
- Mostly it shows a debit balance. In the exceptional case of overdraft balance, its net balance may be credit.
- The concern prepares it on the last day of the accounting year.
- Double Entry bookkeeping system does not apply to this account since it is a summary of transactions which are already recorded in the Cash Book.
- It does not involve transactions which do not include cash or bank items.
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describe the salient features of receipts and payment account Related: Coordination of Management - Nature and Significance of Management, Class 12 BST?
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describe the salient features of receipts and payment account Related: Coordination of Management - Nature and Significance of Management, Class 12 BST? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about describe the salient features of receipts and payment account Related: Coordination of Management - Nature and Significance of Management, Class 12 BST? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for describe the salient features of receipts and payment account Related: Coordination of Management - Nature and Significance of Management, Class 12 BST?.
describe the salient features of receipts and payment account Related: Coordination of Management - Nature and Significance of Management, Class 12 BST? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about describe the salient features of receipts and payment account Related: Coordination of Management - Nature and Significance of Management, Class 12 BST? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for describe the salient features of receipts and payment account Related: Coordination of Management - Nature and Significance of Management, Class 12 BST?.
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