State the feature of Receipt and Payment Account.

— Kishore V, SME and ACW at Edumarz

Feature of Receipt and Payment A/c:

It’s a synopsis of the cash book, for starters. 

It has the same appearance as a simple cash book with debit and credit sides (without the discount and bank columns). 

1. Payments are entered on the credit side, while receipts are recorded on the debit side. 
2.  It displays the total sums of all receipts and payments, regardless of the time period.  
3.  It covers all inflows and payments, regardless of whether they are capital or income in origin. 
4.  There is no distinction between cash and bank receipts/payments. This account shows the entire amount of each receipt and payment, with the exception of the starting and closing balances. 
5.  There are no outstanding non-cash items such as depreciation expenditures.