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

By: |Published on: Nov 30|Categories: Accounting JAMB| 0 comments

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 – interest on bank deposit

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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