Step 5: Write the sums of each head of receipts on the left-hand side and the total of each head of payments on the right-hand side. You can also use a separate sheet for this. Step 4: Add up all the payments made on different dates under the same head. Step 3: Add up all the receipts with different dates under the same head. Step 2: Write the opening cash and bank balances at the top on the left-hand side. Step 1: Write the title of the account and use the format shown in the specimen. To prepare a receipts and payments account, follow these steps: However, the items in a receipts and payments account are recorded in classified form under different headings. In a cash book, each item is recorded separately in chronological order.
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