receipts and payments account

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.

Yes sudipta is right. Closing balance of Receipt & Payment account must tally with cash in hand.

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