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प्रश्न
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
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उत्तर
- The Receipts and Payments Account is a summary of cash receipts and payments, whereas the Income and Expenditure Account is similar to a trade company's Profit and Loss Account.
- The Account of Receipts and Payments is a real account, whereas the Account of Income and Expenditure is a nominal account.
- The Receipts and Payments Account solely has cash items, whereas the Income and Expenditure Account has both cash and non-monetary items.
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संबंधित प्रश्न
______ depicts the Capital fund of the organization.
How is Receipts & Payments Account different from Income & Expenditure Account?
The closing balance of this Account shows surplus or deficit for the year.
This account is equivalent to the Profit and Loss Account of a business concern.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
It contains only revenue items.
On the other hand, if the total of ______ side is greater than the total of ______ side, it is known as 'deficit' or 'excess of expenditure over income'.
Explain the term deficit in Income and Expenditure Account.
What is Income and Expenditure Account?
Mention any two features of the Income and Expenditure Account.
