ICSE Class X Commercial Applications 2022 Solved Papers

Question : 15 of 36

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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
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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