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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 |
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