Commercial Applications
Give one difference between Receipts and Payments Account and Cash Book.
Accounting
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Answer
| Basis | Receipts and Payments Account | Cash Book |
|---|---|---|
| Purpose | It is prepared by non-trading organisations to facilitate the preparation of the Income and Expenditure Account and Balance Sheet. | It is prepared by both trading and non-trading organisations to keep a permanent record of all cash transactions and to know the cash balance at the end. |
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