Receipts and payment account record receipt and payments of __________.

Revenue nature only

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Capital nature only

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Both revenue and capital nature

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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.

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