Question

Distinguish between receipts and payments account and

income and expenditure account.​

Answer 1

Answer:

Receipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account. ... Receipts and payments account contains only cash and bank transactions.

Answer 2

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Receipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account. ... Receipts and payments account contains only cash and bank transactions.