Question

There is no difference between Receipts and Payment Account and Income and Expenditure Account. (State True or False)

Answer 1

I THINK .....

TRUE....

IS THE ANSWER ...

Answer 2

Answer:

False

Explanation:

There is no difference between Receipts and Payment Account and Income and Expenditure Account. - False

The difference between both the account is of the money that is being reflected at the bank at at the end of year. The Receipt and payment account reflects the money balance in hand or overdraft at the closing date at bank, whereas the Income and expense account, reflects either the balance of surplus or the balance of deficits.