Briefly explain the difference between receipt & payment and
income & expenditure account.
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Answer / h.r. sreepada bhagi
Receipt & Payment is the abstract of movement of funds
during an accounting period - It covers all Payments &
Receipts by cash & through bank. It shows net inflow or out
flow of money during that period
Where as Income & Expenditure is the abstract of operations
during an accounting period. It covers all income & expenses
related to that period, whether or not it is paid in that
period. It shows excess of Income over expenditure or excess
of expenditure over income during that period.
Is This Answer Correct ? | 18 Yes | 1 No |
Answer / aparna tiwari
receipt& paymnet a/c is a cash a/c whereas income &
expenditure a/c is a P/l a/c.
Is This Answer Correct ? | 6 Yes | 0 No |
Answer / arjun
income and expenditure a/c is based on accruel basis while
receipts and payment ac is based on cash basis.
Is This Answer Correct ? | 2 Yes | 0 No |
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