Question

distinguish between receipts and payment account and income and expenditure account how will you conver the receipts and payment account into an expenditure account​

Answer 1

Income and Expenditure Account

It records transactions related to revenue nature only. Debit side of this account records cash and bank receipts during an accounting period. Debit side of this account records expenses and losses incurred in the current accounting period.

Answer 2

Answer:

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