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: Option 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