Which of the following items is not contained in the Receipts and Payments Account?
A. Subscription paid in advance B. stock paid for in advance C. outstanding wages and salaries D. donations
Correct Answer: B
Explanation
Receipts and payments account are used by non profit making organization, It is a summarized form of Cash Book. All receipts are recorded on its left-hand (Debit) side and all payments are recorded on its right-hand (credit) side. receipts & payments accounts show only the cash and bank transactions in that accounting period. it doesnt include stock paid for in advance
