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What is on-account receipt account , un-applied receipt
Account, and un-identified receipt account in ar ?
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Answer Posted / vinodh vijayaraghavan
ON-ACCOUNT RECEIPT ACCOUNT - Receipts on account is nothing
but the cash or any payments received by a company that is
kept under an account called "suspense account". Its because
the company is yet to identify the reasons for which it has
received the cash after which it will be applied accordingly.
UN-APPLIED RECEIPT ACCOUNT - The company would have
identified the reasons for the payments they received but
would have not applied the funds or posted them. In simpler
terms, application of funds would have not taken place
despite knowing the reasons as to why they were received.
UN-IDENTIFIED RECEIPT ACCOUNT - Its an income or receipt
that remains to be identified. Now here identified means to
ascertain the reasons for the receipt and also to ensure
that it is something should be owed by someone to us. If
sent mistakenly, we will have to refund it back to the customer.
| Is This Answer Correct ? | 12 Yes | 1 No |
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