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What is the difference between Receipt & Payment Account
and Income & Expenditure Account?
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Answer Posted / 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 |
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