how 2 prepare receipts and payments account?
is there any thumb rules to prepare ?
is R&P contains non cash items and payables ?
pls suggest me
9 Replies
Anil Sankar V
(CA)
(1877 Points)
Replied 13 February 2009
write down the cash items recd on recpt. side and the patments on pyt side.opening bal. of cash should be provided and the result will be clsg. cash bal.
CA SUDIPTA SINHA
(Commerce Coaching- Accounts Cost FM)
(735 Points)
Replied 13 February 2009
the receipts and payments a/c is just like a cash book. what u do in case of cash book just do the same in recipts and payments account. it does not contain any non cash transactions. it is prepared on cash basis....
triumph-CMA
(Chartered Accountant)
(503 Points)
Replied 19 February 2009
reciept n payment account is basically cash account as it is prepared on the basis of cash system of accounting. Debit side of this account is called receipt side where as credit side is called payment side. All types of cash transactions whether of capital or revenue nature are recorded in this account.
isha Kukreja
(CA Final Student)
(233 Points)
Replied 01 March 2009
Sakshi Chanana
(Article)
(141 Points)
Replied 03 March 2009
It is exactly like cash book.v have to dr. it with all cash receipts & cr. it with all cash payments.it is just that the name differs not the logic.....
Kiran Kumar V
(C.A. Final)
(181 Points)
Replied 03 March 2009
hello,
in the receipts side of the account write down all receipts whether it is revenue or capital receipt
In the payments side also same rule applicable
notional paymants and receipts dont effect the receipts and payments account
It is nothing but cash book
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