Which of the following is accounted for in receipts and payment account
-
Subscriptions recieved in advance
- Subscriptions due not yet recieved
- Accrued expenses on annual dances
- Depreciation of the club house
The correct answer is: A
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