Difference between income and expenditure and receipts and payments account answer
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1→ MEANING...
RECEIPT AND PAYMENT ACCOUNT
AN ACCOUNT WHICH IS PREPARE BY A NPO CONCERN TO RECORD ALL TYPES OF CASH RECEIPT AND CASH PAYMENT IS CALLED RECEIPT AND PAYMENT ACCOUNT
INCOME AND EXPENDITURE AC
AN ACCOUNT PREPARE BY NPO CONCERN TO RECORD IT'S EXPENSES AND INCOME OVER REVENUE NATURE IS CALLED INCOME AND EXPENDITURE AC
2→ TYPE OF ACCOUNT
RECEIPT AND PAYMENT ACCOUNT IS REAL ACCOUNT
INCOME AND EXPENDITURE AC IS NOMINAL ACCOUNT
3→ NATURE OF ITEMS
IN RECEIPT AND PAYMENT ACCOUNT ONLY CASH TRANSANCTION ARE RECORD ONLY
IN INCOME AND EXPENDITURE AC CASH AS WELL AS NON CASH ITEMS ARE RECORDED.
MAYBE IT HELPS 4 U...☺☺☺
RECEIPT AND PAYMENT ACCOUNT
AN ACCOUNT WHICH IS PREPARE BY A NPO CONCERN TO RECORD ALL TYPES OF CASH RECEIPT AND CASH PAYMENT IS CALLED RECEIPT AND PAYMENT ACCOUNT
INCOME AND EXPENDITURE AC
AN ACCOUNT PREPARE BY NPO CONCERN TO RECORD IT'S EXPENSES AND INCOME OVER REVENUE NATURE IS CALLED INCOME AND EXPENDITURE AC
2→ TYPE OF ACCOUNT
RECEIPT AND PAYMENT ACCOUNT IS REAL ACCOUNT
INCOME AND EXPENDITURE AC IS NOMINAL ACCOUNT
3→ NATURE OF ITEMS
IN RECEIPT AND PAYMENT ACCOUNT ONLY CASH TRANSANCTION ARE RECORD ONLY
IN INCOME AND EXPENDITURE AC CASH AS WELL AS NON CASH ITEMS ARE RECORDED.
MAYBE IT HELPS 4 U...☺☺☺
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