Which of the following items are included in the Receipts and Payments Account ?

Only revenue nature receipts and payments relating to a particular accounting period

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Only capital nature receipts and payments relating to a particular accounting period

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All kinds of receipts and payments during a particular accounting period

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All kinds of receipts and payments relating to a particular accounting period

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Solution

The correct option is C All kinds of receipts and payments during a particular accounting period
b'Option C is correct. A Receipt and Payment account is simply a summary of the cash transactions as in the cash book, including opening and closing balances. All cash receipts and cash payments find place in this account whether they are of revenue nature or capital nature. '

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