Which of the following statement is false regarding receipts & payments account?

Summary of all cash transactions

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Prepared based on accrual basis

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Prepared for not for profit organisation

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Shows closing cash and bank balance

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Solution

The correct option is B
Prepared based on accrual basis

It is prepared based on accrual basis is false regarding receipts & payments account.

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The receipts and payments account is the summary of cash and bank transactions which helps in the preparation of _____________.

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