BCom Financial Accounting Study Material Notes Receipts and Payments Account Income Expenditure Account
In this post BCom Financial Accounting Study Material Notes Receipts and Payments Account Income Expenditure Account : provide inormation of non trading institution accounting system. How they maintain balance sheet , income , expenditures.These accounts are opened by Non-Trading Institution. These institutions are : Clubs, Libraries, Gyms, Schools, Colleges, Auditors, Doctors, Lawyers etc. Read all this in BCom Financial Accounting Study Material Notes Receipts and Payments Account Income Expenditure Account post.
These institutions prepare the following account accounts and statements :
1. Receipts and Payments Accounts 3. Balance Sheet
2. Income and Expenditure Accounts
1. Receipts and Payments Account
Receipts and Payment accounts are prepared to know the cash position in the concerns. With the help of this account it is Found from which sources Cash is received and where this cash is spent and how much cash balance remains at the end. Generally Receipts and Payments accounts are prepared like a cash account but there is some difference between them. In the Cash book, datewise records are made while in receipts and payments accounts datewise records are not made. In the Cash book, records are not made headwise while in receipts and payments account all records are made headwise.
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