Question

Distinguish between receipt and payment and income and expenditure account on babsis of accounting

Answer 1

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Answer 2

1.Meaning of receipt and payment account

An account which is prepared by a npo concern to record the summary of all types of cash receipts and cash payments is called receipt and payment account

1.Meaning of income and expenditure account

An account prepared by a npo concern to record its expenses and incomes of revenue nature is called income and expenditure account.

2.Nature of receipt and payment account

It gives summary of cash transaction and bank transaction.

2.nature of income and expenditure account

It gives net result of working of the concern.

3.type of account

Receipt and payment accunt is a real account

3.type of account

Income and expenditure account is a nominal account