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
The correct answer is: B
Explanation
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