Receipts and Payments Accounts is a ____________.

Income Statement

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Cash Book

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Summary of the Cash Book

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Statement of Financial Position

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Solution

The correct option is C Summary of the Cash Book
A receipt and payment account records the cash receipts and cash payments during an accounting year which are both revenue and capital in nature. Only cash transactions are recorded in this account. Hence, it is termed as a summarized cash book.

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Receipts & payments account is a summary of ___

Explain the statement: “Receipt and Payment Account is a summarised version of Cash Book”.

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