Question

differenc3 between receipt and expenditure​

Answer 1

differences are elaborately mention in the pic.

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Answer 2

Answer:

Receipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account. ... Receipts and payments account contains only cash and bank transactions.

Explanation:

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