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Question

Receipts and payment account record receipt and payments of __________.


A
Revenue nature only
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B
Capital nature only
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C
Both revenue and capital nature
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D
Capital receipts
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Solution

The correct option is A Both revenue and capital nature
Receipts and payment account is prepared to record all the receipts and payments of a particular period. This account is normally prepared by those organisation which are running with no profit motive. It records all receipts and payments including capital and revenue nature.

Accountancy

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