Meaning and definition of receipts and payments account
Answers (2)
9th Sep, 2021
hi.,..
A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period . All cash received and paid during the period, whether capital or revenue, is included in this account.
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9th Sep, 2021
Hi
A receipt is a written acknowledgment that something of value has been transferred from one party to another.
In addition to the receipts consumers typically receive from vendors and service providers, receipts are also issued in business-to-business dealings as well as stock market transactions.
Whereas
A payment account is a bank account that allows you to make daily payment transactions. These transactions can include depositing funds, making cash withdrawals and card transactions.
Hope it helps...
A receipt is a written acknowledgment that something of value has been transferred from one party to another.
In addition to the receipts consumers typically receive from vendors and service providers, receipts are also issued in business-to-business dealings as well as stock market transactions.
Whereas
A payment account is a bank account that allows you to make daily payment transactions. These transactions can include depositing funds, making cash withdrawals and card transactions.
Hope it helps...
Comments (0)
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