English, asked by hasinikiran84, 3 months ago

Distinguish between receipts & payment accounts and income & expenditure accounts​

Answers

Answered by pratikshaharshad74
1

Answer:

Income & expenditure accounts are on an accruals basis, whereas receipts & payments accounts show only the cash and bank transactions in that accounting period.

Receipt and payment account: It is a summary of cash transactions.

Income and expenditure account: It is another name of income and expenses summary as adopted in non-trading concern.

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