Question

state 3 different between receipt of payment account and income and expenditure​

Answer 1

Answer:

Receipt and payment account: The difference between receipts and the payments represents the balance of cash in hand or at bank or bank overdraft at the closing date. Income and expenditure account: The difference of Income and expenditure represents either surplus or deficit balance.

Answer 2

Explanation:

Receipts and payments account contains only cash and bank transactions. Income and expenditure account contains both cash and non-cash expenses and incomes of revenue nature. Receipts and payments account is not required to prepare balance sheet. Income and expenditure account is required to prepare balance sheet.

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