Receipt and Payment Account reflects the actual cash inflows and outflows that took place, while Income and Expenditure Account presents the revenues and expenses that the organization has incurred during a specific period, regardless of whether or not the cash was received or paid out.
12 мар. 2023 г.
24 июл. 2023 г. · Income and Expenditure A/c records all expenses & losses on the debit side and all income and gains on the credit side. Capital and Revenue ... |
Basis of Difference Receipts and Payments Account Income and Expenditure Account (1) Nature It is a summary of cash and bankIt is a summary of current year ... |
31 дек. 2022 г. · Income & Expenditure is sometimes known as accruals accounting and records transactions on the date to which they relate, rather than when they ... |
Receipt and payment account is a simple summary of cash and bank transactions. On the other hand, the income and expenditure account reflects the income and ... |
A receipts and payments account mainly reveals cash transactions, whereas an income and expenditure account shows the net surplus or deficit for an accounting ... |
26 мар. 2022 г. · The difference between receipts and payments represents the balance of cash in hand or at bank (or bank overdraft at the closing date). |
Receipts and Payments Accounts is a summary of the Cash Book. This account is prepared by those organisations which maintain their books on cash basis. |
There is no difference between Receipts and Payment Account and Income and Expenditure Account. Q. Explain the basic features of Income and Expenditure Account ... |
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