1. Receipt and payment account shows the amount of cash in hand or at bank or
2. In income and expenditue account expenses are recorded on and income on .
3. Any excess of income over expenditure is to the capital fund.
4. No distinction is made between and items in receipt and payment account.
5. Revenue items are recorded in .
6. Capital fund can be found out by taking the excess of over .
7. Any amount not credited to income is shown as a in the balance sheet.
8. A receipt and payment account is simply a summary of the .
9. Receipt and payment account starts with balance.
10. Receipt and payment account, ends with balance.
11. Sales return are also known as .
12. is a reduction in lis
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