The balancing figure at the end of receipts & payments account is ___

Opening bank & cash balance

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Closing cash & bank balance

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Either A or B

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None of these

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Solution

The correct option is B
Closing cash & bank balance

The balancing figure at the end of receipts and payments account is closing cash and bank balances

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Similar questions

From the following particulars taken from the Cash Book of a health club, prepare a Receipts and Payments Account.

Particulars	Rs
Opening balance:
Cash in Hand	5,000
Cash at Bank	25,000
Subscriptions	1,65,000
Donations	35,000
Investment Purchased	80,000
Rent Paid	20,000
General Expenses	21,500
Postage and stationery	2,000
Courier charges	1,000
Sundry Expenses	2,500
Closing Cash in Hand	12,000

When a business compares the balance of its cash book with the balance shown by the bank passbook, there is often a difference, which is caused by the time gap in recording the transactions relating either to payments or receipts. It is known as ___.

The accountant of a firm is required to prepare a bank reconciliation statement for the month of March. The opening balance of cash on 1st March was Rs 1,20,000 while the opening balance as per bank column of cash book was Rs 9,50,000. The closing balance of cash as on 31st March was Rs 90,000 while the closing balance as per bank column of cash book was Rs 15,40,000. Which of the following shall be taken by him for starting the preparation of BRS?

Q. The first step in preparation of Receipt and Payment Account is taking the opening balances of cash on hand and cash at bank and entering them on the _______ side; bank overdraft at the beginning of the year by entering the same on the ______ side of this account.

Q. The closing debit balance in the receipts and payments account indicates the ________ balance at the end of the year.

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The balancing figure at the end of receipts & payments account is ___

The correct option is B Closing cash & bank balance The balancing figure at the end of receipts and payments account is closing cash and bank balances

The correct option is B
Closing cash & bank balance

The balancing figure at the end of receipts and payments account is closing cash and bank balances