Characteristics or Special features or Receipts and payments account
Answers (2)
9th Sep, 2021
Hi
Following are the characteristics of receipts and payments account -
a)It is a cash summary of transaction.
b)It reflects both revenue & capital expenditure made in cash.
c)It has no direct link with profitability.
d)It shows the opening and closing balance of cash & bank.
Hope it helps...
Following are the characteristics of receipts and payments account -
a)It is a cash summary of transaction.
b)It reflects both revenue & capital expenditure made in cash.
c)It has no direct link with profitability.
d)It shows the opening and closing balance of cash & bank.
Hope it helps...
Comments (0)
9th Sep, 2021
hi...
The main features of receipt and payment account can be highlighted as follows:
- Summary Of Transactions. ...
- Debit And Credit Rule. ...
- No Distinction. ...
- No Double Entry System. ...
- Only Cash Transactions. ...
- No Profit Or Loss. ...
- Base For Income And Expenditure Account.
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