Which of the following is accounted for in receipts and payments account?
FINANCIAL
JAMB 2020
Which of the following is accounted for in receipts and payments account?
- 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: 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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