With respect to Receipts and Payments Accounts, which of the following statements is correct?
1
The Receipts and Payments Account details the outstanding expenses for the year.
2
Transactions of revenue and capital nature, both are recorded in the Income and Expenditure Account.
3
The Receipts and Payments Account for a non-profit organization follows the cash system of accounting.
4
Sale of grass by sports club should be treated as sale of asset.