The receipt and payment account records both ______ and _____ nature items.
A
Capital, Revenue
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
B
Revenue, Deferred
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Deferred, Capital
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
None of the above
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution
The correct option is A Capital, Revenue Receipt and Payment account is a summary of cash/bank transactions of NPO for specialized accounting period. This Statement records both capital and revenue nature items.