Question : The Receipts and Payments Account does not include:
Option 1: Capital receipts and payments
Option 2: Revenue receipts and payments
Option 3: Non-cash items
Option 4: None of these
Correct Answer: Non-cash items
Solution : Receipts and Payments Account is an account which is the summary of the cashbook. It does not record non-cash items. Hence, the correct option 3.
Question :
The surplus generated by a not-for-profit
As all other business concerns be its sole
Receipts and Payments Account does not include
Question : Current Account of the partners should be opened when capital are:
Receipts and Payments Account shows receipts
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