ICSE Class X Commercial Applications 2022 Solved Papers
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Question : 15
Total: 36
State any one point of difference between 'Receipt and Payment Account' and 'Income and Expenditure Account.'
Solution:
Differences between Receipt and Payment Account and Income and Expenditure Account are as follows :
Receipt and Payment Account | Income and Expenditure Account |
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1. It is classified summary of the cash and bank transactions. It is an asset account. | 1. It is like a profit and loss account of a trading concern. |
2. It includes items relating to not only the current year but also to previous year and succeeding years. | 2. It is a nominal accountIt shows only the items and their amounts relating to only the current year. |
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