Question

Receipts and Payment Account does not differ between capital and revenue receipts.

• A. True
• B. False

Answer 1

The correct option is A True

True. Receipts and payments Account does not differ between capital and revenues receipts. Receipts and payment account records the receipts and payments of all nature. It records all the cash transactions of the business and is basically a summary of cash transactions. All incomes are recorded on the credit side and expenses are shown on the debit side.