In r and p will we take all year adjustment ?
Dear Student
Receipt and Payment A/c is a summary of Cash Book which is prepared in the Books of accounts of NPO ,
Because , Receipt and Payment account deals only with all the cash and bank transactions of an NPO irrespective of the year or any other principle , their are no adjustments in Receipts and payment account . All the adjustments are done in Income and Expenditure A/c .
Please note that you had asked R and P account in Question , the above answer is on the basis of assumption that you had asked Receipt and Payment A/c .
Regards
Receipt and Payment A/c is a summary of Cash Book which is prepared in the Books of accounts of NPO ,
Because , Receipt and Payment account deals only with all the cash and bank transactions of an NPO irrespective of the year or any other principle , their are no adjustments in Receipts and payment account . All the adjustments are done in Income and Expenditure A/c .
Please note that you had asked R and P account in Question , the above answer is on the basis of assumption that you had asked Receipt and Payment A/c .
Regards