Question :
Not-for-profit organisation prepare Receipts and Payments Account because:
Option 1:
It is a summary of cash receipts and payments
Option 2:
It helps in the preparation of Income and Expenditure A/c and Balance Sheet
Option 3:
It is to be submitted to the Registrar of societies along with Income and Expenditure A/c and Balance Sheet
Option 4: All of these
Correct Answer: All of these
Solution :
Not-for-profit organisation prepare Receipts and Payments Account because:
1. It is a summary of cash receipts and payments,
2. It helps in the preparation of Income and Expenditure A/c and Balance Sheet, and
3.
It is to be submitted to the Registrar of societies along
with Income and Expenditure A/c and Balance
Sheet.
Hence, the correct option is 4.
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