Which of the following is accounted for in receipts and payment account
-
A.
Subscriptions recieved in advance -
B.
Subscriptions due not yet recieved -
C.
Accrued expenses on annual dances -
D.
Depreciation of the club house
Correct Answer: Option A
Explanation
A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. All cash received and paid during the period whether capital or revenue is included in this account. It contains Subscriptions received in advance