Question

Distinguish between Receipts and Payments Account and Cash Book.

Answer 1

Differences between Receipts and Payments Account and Cash Book :
$\begin{array}{ccc}\text{Basic}& \text{Receipts and Payments Account}& \text{Cash Book}\\ \text{Preparation}& \text{On the basis of Cash Book.}& \text{On the basis of receipts and pay-}\\ & & \text{ments for the period.}\\ \text{Period}& \text{At the end of the accounting year.}& \text{On a dialy basis.}\\ \text{Double Entry System}& \text{Not a part of duble entry system.}& \text{Part of double entry system.}\\ \text{Sides of Ledger}& \text{It has receipts and payments sides.}& \text{It has debit and credit sides.}\\ \text{Ledger Folio Column}& \text{No ledger folio column.}& \text{It has ledger folio column.}\\ \text{Institutions}& \text{Prepared by Not for Profit Orga-}& \text{Prepared by all Profit Seeking Orga-}\\ & \text{nisations}& \text{nisations.}\end{array}$