Correct Answer: Option B

Explanation

Following are the characteristics of receipt and payment account:

• It is a summary of the cash book.
• We record all the cash receipts during the whole year on its debit side. ...
• We include both receipts and payments in cash whether they are of capital and revenue nature.

From the above characteristics we can say the receipt and payments account is equivalent to the cash book which is used in recording all cash transactions

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