Receipts and payments
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 March 2012
is it correct that since r and p account only includes actual receipts and payments trf entries(eg.cash to bank ) are not included in it ?
31 March 2012
Receipts & Payments account includes the opening balance & closing balance of cash and bank.
So contra entries are automatically adjusted and not shown separately.
So contra entries are automatically adjusted and not shown separately.
Message likes :
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CA CS Amit S. Kedia
(Expert)
31 March 2012
No, It is a contra Entry. The entry is passed in Cash A/c and Bank A/c and the same forms part of B/s.
No entry will be passed in Receipt & Payment A/c.
No entry will be passed in Receipt & Payment A/c.
14 April 2012
Experts have given proper reply to your query and I agree with them
14 April 2012
Mr CA SS Agarwal, please try to add value with your replies.
Do not add unnecessary replies to a query.
Do not add unnecessary replies to a query.
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