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

Accounts - Principles of Accounts
JAMB 2016

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
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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
 

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