Question

state the difference between receipts and payment account in income and expenditure account

answer in three or four marks and answer this question fastly it's urgent​

Answer 1

Answer:

Receipt and payment account: The balance of the account is carried to the next period. Income and expenditure account: The balance of the account is not carried to the next period. Instead, it is added to or deducted from the accumulated amount.

Answer 2

Answer:

Receipt and payment account: The balance of the account is carried to the next period. Income and expenditure account: The balance of the account is not carried to the next period. Instead, it is added to or deducted from the accumulated amount.

Explanation:

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