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Receipt - payment account

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This query is : Resolved

Prerit Parekh (Querist)

21 December 2015 Sir I have some presentation issue in Receipt Payment Account
Example :
I am preparing Receipt Payment Account. On the payment side, there are almost all payments which are made to creditors for some Expenditures and Purchase of Fixed Asset. So whether it is compulsory to show payment side Expenditures made or purchase of Fixed Assets??
Or can I show it as a payment made to Creditors Simply..........
50000 Rs. paid to A LTD. for Maintenance & Repairs
How Should I present it,
Whether as Main. & Repairs or Payment made to A Ltd.

Rupesh Jain

Rupesh Jain (Expert)

21 December 2015 receipt and payment a/c are not a profit or loss statement, its show all transaction effect the cash and bank balance.
in receipts and payment side its better to write [party name with transaction detail.

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