Question :
Receipts and Payments Account shows receipts and payments of:
Option 1:
Capital nature received during the year
Option 2:
Revenue nature received during the year
Option 3:
Both 1 and 2
Option 4: None of these
Correct Answer:
Solution : Receipts and Payments Account shows receipts and payments of capital nature and revenue nature received of an NPO received in cash only. Hence, the correct option is 3.
An account akin to Profit and Loss Account in
Receipts and Payments Account does not include
Which of the following will appear on the debit
A debit closing balance of Receipts and
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