Question

Difference between income and expenditure and receipts and payments account answer

Answer 1

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.


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