Question

Give two point of distinction between receipt and payment account and income and expenditure accounts.​

Answer 1

Explanation:

Receipts and Payments Account

1.Purpose of the account is to show difference between two sides showing Cash and Bank balances at the end

2.Purpose of the account is to show net result of activities undertaken during the year resulting in surplus or deficit

Income and expenditure account

1.It is a classified summary of cash transactions showing Receipts and Payments under different heads for the period Real Account

2.It is like a Profit and Loss Account (Nominal Account)

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