Question

tell me the difference between receipt and payment account and income and expenditure​

Answer 1

Answer:

the difference between receipt and the payments represents the balance of cash in hand or at bank or bank overdraft at the closing date. the difference income and expenditure represents either surplus or deficit balance

Answer 2

Receipts and payment a/c including all the cash/bank transactions.Irrespective of their nature. While income and expenditure includes only the income or expenditure of THE CURRENT YEAR.