Receipts & payment statement

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zzz

Accounts Head

23 Points Posted on 18 April 2013

Have the below doubts regarding Receipts & Payment statement and would appreciate your guidance:

In R&P statement, is opening & closing balances to be shown of Bank, Cash, FD?

In R&P statement, is Accounts Receivable shown for the revenue done but money yet to be collected. Similarly is Accounts Payable shown for the exps done but money yet to be paid? Basically, should R&P show only actual flow of money or also accruals (receivables & payables)?

How about prepaid exps, should that be shown in R&P statement.

What's the main difference between R&P statement and Financial statement (P&L, B/S)

Thanks

Replies (2)

zzz

Accounts Head

23 Points Posted on 24 April 2013

Originally posted by : zzz

Have the below doubts regarding Receipts and Payment statement and would appreciate your guidance:

In R and P statement, is opening & closing balances to be shown of Bank, Cash, FD?

In R and P statement, is Accounts Receivable shown for the revenue done but money yet to be collected. Similarly is Accounts Payable shown for the exps done but money yet to be paid? Basically, should R and P show only actual flow of money or also accruals (receivables & payables)?

How about prepaid exps, should that be shown in R and P statement.

What's the main difference between R and P statement and Financial statement (P&L, B/S)

Thanks

Rajesh

Service

1546 Points Posted on 26 April 2013

Receipt and Payment account is mainly prepared for professtionals. All the transaction during the period with cash/ bank mode only is consider in this statement.

Rajesh