Question

differences between receipts and payments account and cash book​

Answer 1

receipt and payment a/c is maintenance for cash in and cash out information and it's related with outsiders..and cash a/c is maintained for internal cash fluctuations..

Answer 2

Answer!!

Difference between Receipts and Payments Account and Cash Book:-

→ The receipts and payments account is a summary of the cash book and is prepared from the cash book. Cash book records each transaction of receipt and payment individually.

→ At the end of the year, receipts and payments account is prepared. Cash book is prepared almost every day.

→ Not-for-Profit Organisation prepares receipts and payments account. iCash Book is prepared by all organisations.

→ There is no column for Ledger Folio in the Receipts and Payments Account. A separate column is designated for Ledger Folio in Cash Book.