Receipts are recorded on the _ side while payments are entered on the side.

credit, debit

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debit, credit

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debit, debit

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credit, credit

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Solution

The correct option is A debit, credit
Receipt and Payment account is a summary of cash book where receipts are recorded on debit side and payments are recorded on credit side.

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Similar questions

Q. A receipts and payments account, the payments are recorded on the ____________ side.

All ___ are shown on the left hand side i.e. debit side of receipts & payments account.

Q. What would the debit balance of the Receipts and Payments A/c indicate?

Q. Income and Expenditure A/c records receipts and payments of _________ .

State whether the following statements are TRUE or FALSE :

1. Total of payments side can be greater than total of receipts side in case of bank column.
2. Purchase of asset or stationery on credit is recorded in purchase book.
3. When goods are returned by buyer to seller, buyer sends a debit note.
4. Cheque received and deposited into bank on the same day is a contra entry.
5. Simple petty cash book is not very popular.
6. Interest on overdraft charged by bank is recorded in the cash column.
7. It is not necessary to record dishonor of cheques in the cash book.
8. Cheque book facility is available for fixed deposit account.
9. Businessman generally operates savings bank account.
10. A cash book is both a journal as well as ledger.
11. Cash book is a book of original entry.
12. Cash discount allowed is recorded on the debit side of cash book
13. Credit transactions are never recorded in cash book.
14. Endorsed cheques are always recorded on the payment side in the bank column.
15. A person who endorses the cheque is known as endorser.

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Receipts are recorded on the _______ side while payments are entered on the ______ side.

The correct option is A debit, creditReceipt and Payment account is a summary of cash book where receipts are recorded on debit side and payments are recorded on credit side.

Receipts are recorded on the _ side while payments are entered on the side.

The correct option is A debit, credit
Receipt and Payment account is a summary of cash book where receipts are recorded on debit side and payments are recorded on credit side.