1- why receipt and payment a/c is not prepared for profit organization??
2- what is the objective of this account ?? is this account is single entry based a/c ???
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Why receipt and payment a/c is not prepared
Replies (1)
Accrual based system followed as per GAAPS . So P and L account has all receipts and payments which are in revenue nature . No relevance of R & P a/c generally
But non profit organisations has ACA which require actual receipts and payments
But non profit organisations has ACA which require actual receipts and payments
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