how 2 prepare receipts and payments account?
is there any thumb rules to prepare ?
is R&P contains non cash items and payables ?
pls suggest me
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receipts and payments account
Replies (9)
write down the cash items recd on recpt. side and the patments on pyt side.opening bal. of cash should be provided and the result will be clsg. cash bal.
the receipts and payments a/c is just like a cash book. what u do in case of cash book just do the same in recipts and payments account. it does not contain any non cash transactions. it is prepared on cash basis....
good clarification
reciept n payment account is basically cash account as it is prepared on the basis of cash system of accounting. Debit side of this account is called receipt side where as credit side is called payment side. All types of cash transactions whether of capital or revenue nature are recorded in this account.
It is well
R&P is as simple as a cash book. sudipto is right
It is exactly like cash book.v have to dr. it with all cash receipts & cr. it with all cash payments.it is just that the name differs not the logic.....
hello,
in the receipts side of the account write down all receipts whether it is revenue or capital receipt
In the payments side also same rule applicable
notional paymants and receipts dont effect the receipts and payments account
It is nothing but cash book
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