difference between receipts and payment and cash account
Answers
Answer:
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Explanation:
Receipts & payments : Receipts and payments account is a periodical account which is prepared at the end of a certain period which is usually one year. A Cash Book is a type of subsidiary book where cash (or) bank receipts and cash (or) bank payments made during a period are recorded in a chronological order.
Answer:
A cash book is prepared by both trading and non-trading concerns.
Receipts and payments a/c:
It is mostly prepared by non-trading concerns. Trading concerns don’t need to prepare it.
Step-by-step explanation:
Cash book: The nature of cash book is like a current account in which transactions are recorded whenever they occur.
Receipts & payments : Receipts and payments account is a periodical account which is prepared at the end of a certain period which is usually one year.
A Cash Book is a type of subsidiary book where cash (or) bank receipts and cash (or) bank payments made during a period are recorded in a chronological order. Receipts are recorded on the debit – the left hand side, and payments are recorded on the credit – right hand side.
A receipt is a piece of paper that you get from someone as proof that they have received money or goods from you.