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Question
State whether the following statement is True or False.
Receipts and Payments Account do not have any opening balance.
Options
True
False
MCQ
True or False
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Solution
False
Explanation: Receipts and Payments Account is a summary of transactions appearing in the Cash Book. It is prepared by not-for-profit organisations at the end of an accounting year. It is a real account, wherein receipts are recorded on the debit side and payments on the credit side. It usually has an opening balance i.e. cash balance and bank balance.
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