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Receipts and Payments Account is a summary of
ACash book
BIncome & expense accruals
CBalance sheet items
DCapital movements
Answer & Solution
Correct answer: A. Cash book
1. Receipts and Payments A/c records all cash & bank receipts and payments of the period.
2. It is on a cash basis irrespective of the period to which the items relate.
3. Balance opens with cash and ends with cash.
4. Hence it is essentially a summary of the cash book.
_Source: Maharashtra Balbharati Std XII Book-Keeping & Accountancy, Ch 2 "Accounts of 'Not for Profit' Concerns", §2.1 ¶§2.1_