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How receipt and payment account is created
how receipt and payment account is created is there any journal entries for it ??
Replies (4)
Receipt and payment account is purely on cash basis.
Journal entries will not be there R & P a/c
It is based on Payment and receipt entries which are effected through bank & cash
It is based on Payment and receipt entries which are effected through bank & cash
Mean also there will be no ledger posting of receipt and payment account in another a/c
Payments and receipts related all ledgers can be seen in Receipts and Payments Account
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