1.
Receipt and payment account shows the amount of cash in hand or at bank or
2.
In income and expenditue account expenses are recorded on
and income on .
3.
Any excess of income over expenditure is
to the capital fund.
4.
No distinction is made between
and
items in receipt and payment account.
5.
Revenue items are recorded in
.
6.
Capital fund can be found out by taking the excess of
over
.
7.
Any amount not credited to income is shown as a
in the balance sheet.
8.
A receipt and payment account is simply a summary of the
.
9.
Receipt and payment account starts with
balance.
10.
Receipt and payment account, ends with
balance.
11.
Sales return are also known as
.
12. is a reduction in lis
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