Question

Difference between Receipt and payment a/c​

Answer 1

Explanation:

=>Receipt & payment a/c: It shows transactions irrelevant of their accounting period(s) which means transactions related to past, present or future periods can be shown here. Income & expenditure a/c: It only reflects transactions relating to the current accounting period.

Answer 2

Answer:

Transactions involving cash receipts are recorded on Debit side and those involving cash payments are recorded on Credit side. All expenditures are recorded on Debit side and all incomes on Credit side. Transactions—both capital and revenue-are recorded here. Only revenue transactions are recorded here.

I hope it helps.

please mark my answer as Brainlist.