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 ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

Message likes : 1 times

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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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.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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14 April 2012 Experts have given proper reply to your query and I agree with them

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 April 2012 Mr CA SS Agarwal, please try to add value with your replies.

Do not add unnecessary replies to a query.

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