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What is the difference between Receipt & Payment Account
and Income & Expenditure Account?
- 9 Answers
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Answer / rameshsaravanan
R&P is just like cash account
I & E is just like P&L Account
All this account maintain in service sector
| Is This Answer Correct ? | 108 Yes | 33 No |
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.
| Is This Answer Correct ? | 85 Yes | 18 No |
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.
| Is This Answer Correct ? | 49 Yes | 13 No |
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.
| Is This Answer Correct ? | 40 Yes | 25 No |
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.
| Is This Answer Correct ? | 12 Yes | 6 No |
Answer / mani shankar
Receipt & Payment account is the as like as Cash Book. Whereas, Income & Expenditure Account is just like a Profit & Loss Account.
| Is This Answer Correct ? | 3 Yes | 2 No |
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
| Is This Answer Correct ? | 10 Yes | 12 No |
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..
| Is This Answer Correct ? | 7 Yes | 17 No |
Answer / raju mogaveera
Receipt and payment accounts are maintained by trading
concern and income and Expenditure accounts are maintained
by non trading concern.
| Is This Answer Correct ? | 35 Yes | 73 No |
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