How receipt and payment account is created

02 May 2022

how receipt and payment account is created is there any journal entries for it ??

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4 Replies

sabyasachi mukherjee (27117 Points)
Replied 03 May 2022

Receipt and payment account is purely on cash basis.

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 03 May 2022

Journal entries will not be there R & P a/c

It is based on Payment and receipt entries which are effected through bank & cash

Atharv Sankliya (1323 Points)
Replied 03 May 2022

Mean also there will be no ledger posting of receipt and payment account in another a/c

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 04 May 2022

Payments and receipts related all ledgers can be seen in Receipts and Payments Account

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