What is the difference between receipt and payment

Receipt and payment account: It may include receipts and payments relating to the period immediately before or after. Income and expenditure account: It must include only income and expense items belonging to the period under review. Receipt and payment account: It includes both capital and revenue receipts and payments.

Income and expenditure account: It includes only the income and expenditures of revenue nature. Receipt and payment account: Receipts are shown on the debit side and payments on the credit side.

Income and expenditure account: If it is prepared in accounts form, all revenue appears on the credit side and expenditures on the debit side. Receipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account.

Add a review and help 80 Lakhs JobBuzz users to take better career decision. The JB community would be thrilled if you add one and it won't take more than a min. Company Reviews. Interview Questions. Interview What is the difference B Answered by Bablu kumar sharma more than 6 months ago Receipts and payments account is a summary of cash transactions for a period and it is a real account. N Answered by Nanditha Chandran more than 6 months ago Receipts and payments account is a summary of cash transactions for a period and it is a real account.

Show More Answers 0. Similar questions. What you know about C-Form? Income and expenditure account is required to prepare balance sheet. No adjustments are required in receipts and payments account.

In income and expenditure account adjustments are made because it is prepared on accrual basis. You May Like. Labels: Accounting. System It is prepared on cash basis. It is prepared on accrual basis. Report Error Is there an error in this question or solution? Share 0. Select a course. My Profile. My Profile [view full profile].

Inform you about time table of exam. Inform you about new question papers. New video tutorials information. Basis of Difference. Receipts and Payments Account. Income and Expenditure Account.