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Question

Receipts and Payments Account is a ____________.
Summary of the Cash Book
Statement of Financial Position
Cash Book
Income Statement

A

Summary of the Cash Book

B

Cash Book

C

Income Statement

D

Statement of Financial Position

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Solution

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Receipt and payments account is a real account just like cash account. Its prepared at the end of the year. All receipts are recorded on the debit side and expenses on the credit side. It is basically a summary of cash book, it records all cash transactions of all nature revenue and capital.

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