Answer / rameshsaravanan

R&P is just like cash account
I & E is just like P&L Account
All this account maintain in service sector

Answer / mohan

Receipt and payment account is nothing but a cash account
which starts with opening balance of cash and all receipts
and payments whether capital or revenue or whether
pertaining to last year,current year,or next year are
recorded.The net result is the closing balance and the
balance is always debit since the payment side can not be
more that receipt side.
As against Income and Expenditure account only records
revenue expenditure whether paid or not and only pertaing
to current year.
The non cash expenses like depreciation are also recored in
Income and Expenditure Account.
The resultant figure of Income and expenditure account is
either excess of income over expenditure or excess of
expenditure over income.
Thus the income and expenditure can have debit or credit
balance.
Receipt and payment account is prepared for all types of
organisations including profit making organisations.
The Income and Expenditure account is only prepared by Non-
profit making organisation.

Answer / yogita jadhav

Receipt and payment account is nothing but a cash account
which starts with opening balance of cash and all receipts
and payments whether capital or revenue or whether
pertaining to last year, current year, or next year are
recorded. The net result is the closing balance and the
balance is always debit since the payment side can not be
more that receipt side.
As against Income and Expenditure account only records
revenue expenditure whether paid or not and only pertaining
to current year.
The non cash expenses like depreciation are also recorded
in Income and Expenditure Account.
The resultant figure of Income and expenditure account is
either excess of income over expenditure or excess of
expenditure over income.
Thus the income and expenditure can have debit or credit
balance.
Receipt and payment account is prepared for all types of
organizations including profit making organizations.
The Income and Expenditure account is only prepared by Non-
profit making organization.
The resultant figure i.e.closing balance of Receipt and
payment account is shown as “Cash in hand”at the asset side
of balance sheet.
The resultant figure of Income and Expenditure account i.e
Excess of Income over Expenditure or Excess of expenditure
over income is added or subtracted from Capital Fund
respectively.

Answer / poorna

R&P is just like cash account,and Receipt and payment
accounts are maintained by NON
trading,Profession,individuals
concern and I & E is just like P&L Account I&E are
maintained
by trading concern.

Answer / xxx

Receipt and payment account is a mere summary of cash book for a year. It begins with the cash in hand at the commencement and ends with that at the close of the year. Similarly to cash account, in receipts and payments account receipts are shown on the debit side while payments are shown on the credit side, without any distinction between capital and revenue. Moreover, it does not include an unpaid expenditure not any unrealized income relating to the period under review and so fails to reveal the financial position on the concern.
Income and expenditure account is merely another name for profit and loss account. Such type of profit and loss account is generally adopted by non trading concerns like clubs, societies, hospitals, and like etc. This account is credited with all earnings (both realized and unrealized) and debited with all expenses (both paid and unpaid) The difference represents a surplus of deficiency for a given period which is carried to the capital account. It should be noted that items of receipts or payments of capital nature such as legacies, purchases or sales of any fixed assets must not be included in this account.

Answer / mani shankar

Receipt & Payment account is the as like as Cash Book. Whereas, Income & Expenditure Account is just like a Profit & Loss Account.

Answer / indra

receipts is we receive cash from customer against sales or
service etc. X Payment is we pay to Vendors for purchase or
service etc.
Income is Profit X Expenditure is All Expencess

Answer / narasimhaprasad

Receipts and payments all are revenue in nature, which all
clubbed Receipts & payments called Income & Expenditure is
Capital in nature,

all receipts / payments can be apart in income/expenditure
but not all incomes/ expenditures are part in receipts
/payments. thats all..

Answer / raju mogaveera

Receipt and payment accounts are maintained by trading
concern and income and Expenditure accounts are maintained
by non trading concern.

if closing stock appears in the trial balance what is the sollution

7 Answers   HCL,

Explain the difference between inactive account and dormant account?

13 Answers   ICICI,

company's total overhead expense is containing which are the expenses? Definition of overhead expense.

0 Answers  

Where is we show Discount Received in which head?

4 Answers  

Difference between nonoperating expentiture and non cash expenditure

0 Answers   Capital IQ,

DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?

0 Answers  

who audit the audit firms?

1 Answers   PWC,

what are important steps to take during the conversion of an accounting system?

2 Answers   Cap Gemini, Franklin Templeton, Globix,

hi, im an MBA FINANCE FRESHER, wht are the career opportunities at BPO's for me bcoz may ppl say that starting up a career in BPO does not have any weighted or does not fetch any good experience, so kindly advice me on this plz..

3 Answers  

Expand---------EDP

1 Answers   Wipro,

Name some errors which are not disclosed by trial balance

6 Answers  

hai sir, ice factory power bill how to enter in tally. means : we are paid monthly bill through bank . how pass journal and which head of account

2 Answers   Sea Bay,