![]() The actual cash received and actual cash paid during the related accounting period is recorded in it, irrespective of the fact whether those receipts/payments relate to past, present or future accounting period and without distinguishing them into capital or revenue. ![]() However, if there is an adverse balance in bank (i.e, bank overdraft), the same shall be shown on its credit side. In a going concern, the debit side is started with the opening cash and bank balances. ![]() Outstanding items are not recorded in the Receipts and Payments Account and only cash transactions are recorded in it. Similarly, all receipts and payments are shown as one item with its total amount. However, in the Receipts and Payments Account, entrance fees shall be shown as one item with its total amount.
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