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.
Question : Income and Expenditure account records:
Option 1: Revenue receipts and payments
Option 2: Capital receipts and payments
Option 3: Only revenue receipts
Option 4: Only capital payments
Question : Subscription received for special events is
Option 1: recorded in the debit of Receipts and Payments Account and in the debit of Income and Expenditure Account in the year of receipt.
Option 2: recorded in the debit of Receipts and Payments Account and in the credit of Income and Expenditure Account in the year of receipt.
Option 3: recorded in the debit of Receipts and Payments Account and shown in the assets side of the Balance Sheet till the time event is held.
Option 4: recorded in the debit of Receipts and Payments Account and shown in the liabilities side of the Balance Sheet till the time event is held.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile