Question

Receipt and Payment account includes all receipts and payments whether they are of __________ nature or of _________ nature.

• A. Cash, Non-cash
• B. Capital, Revenue
• C. Fixed, Fluctuating
• D. Deferring, Non-deferring

Answer 1

The correct option is B Capital, Revenue

Receipt and Payment account is the summary of cash and bank transactions which helps in preparation of Income and Expenditure account. All receipts and payments whether of capital or revenue nature are included in Receipt and Payment account. This is one of the salient feature of Receipt and Payment account.