Which of the following items is not contained in the Rece...
Which of the following items is not contained in the Receipts and Payments Account?
Subscription paid in advance
Stock paid for in advance
Outstanding wages and salaries
Donations
Correct answer is B
Receipts and payments account are used by non profit making organization, It is a summarized form of Cash Book. All receipts are recorded on its left-hand (Debit) side and all payments are recorded on its right-hand (credit) side. receipts & payments accounts show only the cash and bank transactions in that accounting period. it doesnt include stock paid for in advance.
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