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Which of the following is accounted for in receipts and payments account?

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