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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 |
The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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