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Accountancy · 2022 · 2 marks
CBSE 2022 · Region 2 · Set 1 · Q1
Distinguish between 'Receipts and Payments Account' and 'Income and Expenditure Account' on the basis of the following: (a) Nature of items (b)…
Distinguish between 'Receipts and Payments Account' and 'Income and Expenditure Account' on the basis of the following : (a) Nature of items (b) Opening balance
Marking-scheme solution
Basis Receipts and Payments Income and
Account Expenditure Account
Nature of items It records receipts and It records income and
payments of revenue as well as expenditure of revenue
capital nature nature only
Opening balance Balance in the beginning There is no opening
represents cash in hand/cash at balance
bank/ overdraft in the
beginning
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CBSE Class 12 Accountancy past-paper question from the 2022 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.