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Question
The primary objective of preparing this Account is to find out the cash position, opening and closing balances of cash in hand and at bank.
Options
Receipts and Payments Account
Income and Expenditure Account
Balance Sheet
None of these
MCQ
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Solution
Receipts and Payments Account
Explanation:
The primary objective of preparing this Account is to find out the cash position (opening and closing balances of cash in hand and at bank) and to show the receipts and payments under different heads for the accounting year.
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