Question

difference between receipts and payment account and income and expenditure account ​

Answer 1

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.

Answer 2

Answer:

Receipt and payment account: The difference between receipts and the payments represents the balance of cash in hand or at bank or bank overdraft at the closing date. Income and expenditure account: The difference of Income and expenditure represents either surplus or deficit balance

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