A. Subscriptions received in advance
B. Subscriptions due not yet received
C. Accrued expenses on annual dances
D. Depreciation of the club house
Correct Answer:
Option A – Subscriptions received in advance
Explanation
A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. All cash received and paid during the period whether capital or revenue is included in this account. It contains Subscriptions received in advance
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