Question : The nature of Receipts and Payment Account is:
Option 1: Nominal
Option 2: Artificial Personal
Option 3: Representative Personal
Option 4: Real
Answer (1)
24th Jan, 2024
Correct Answer: Real
Solution :
Receipts and Payment Account is a real account as the rule of a real account, i.e., 'Debit what comes in and credit what goes out' is followed. Thus, Payments are recorded on the credit side, and receipts are recorded on the debit side.
Hence, the correct option is 4.
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