Difference between receipt and payment account and cash book

Asked by admin @ 13/08/2021 in Math viewed by 294 People

Write difference between receipt payment and cash book?

Answered by admin @ 13/08/2021

Answer:

Step-by-step explanation:

Receipts

1. It is a real account showing a summary of all cash transactions.

2. Receipts and Payments Account is prepared at the end of the accounting period.

3. This is prepared by non-profit entities.

4.. All receipts are recorded under one column i.e., receipts side and all payments are recorded under one column i.e., payments side.

5. Ledger Folio (L.F.) column is not there.

Cash Book:

1. Cash book is a book of original entry.

2. Cash book is written on daily basis.

3. This is prepared by commercial entities and can also be prepared by non-profit entities.

4. All receipts are recorded either under cash column or bank column; similarly all payments are recorded either under cash column or bank column.

5. Cash book has Ledger Folio (L.F.) A columns

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