Question

solve all the above questions... please​

Answer 1

Look the Attachment for Answers ;

10) i )

Difference Between Receipt and Payments Account & Income And Expenditure Account -

• Nature

Income and Expenditure Account :

It is like as Profit and Loss account.

Receipts And Payments Account :

It is the summary of cash book

• Nature of Items

Income and expenditure account :

Records Income and Expenditure of revenue nature only.

Receipts and payments account :

Records Payments and receipts of revenue and capital nature

• Period

Income and expenditure account :

Only of current Period.

Receipts and payments account :

Of Preceeding and succeeding Periods.

• Opening Balance

Income and expenditure account :

No Opening Balance

Receipts and payments account :

Represents cash in hand or cash at bank.

• Closing Balance

Income and expenditure account :

Represents as Surplus or Deficit.

Receipts and payments account :

Represents cash in hand or cash at bank.

• Depreciation

Income and expenditure account :

Includes Depreciation

Receipts and payments account :

Not includes Depreciation

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