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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 ??
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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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