Which of the following is accounted for in receipts and payments account?
-
A.
Accrued expenses on annual dances -
B.
Subscriptions due but not yet received -
C.
interest on bank deposit -
D.
Depreciation of the club house
Correct Answer: Option C
Explanation
“A receipt and payment account is a summarized cash book (cash and bank) for a given period”
The bank column would reflect interest on bank deposits