Question

state any 2 difference between receipt and payment​

Answer 1

Answer:

receipt :-)

| 1 | the act of receiving

| 2 | an acknowledgment (usually tangible) that payment has been made

| 3 | report the receipt of

| 4 | mark or stamp as paid

payment :-)

| 1 | a sum of money paid or a claim discharged

| 2 | the act of paying money

| 3 | an act of requiting; returning in kind

Explanation:

tq

Answer 2

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• 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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