Distinguish between 'Receipts and Payments Account' and 'Income and Expenditure Account' on the basis of the following : (a) Nature (b) Closing Balance

Basis Receipts and Payments Income and Account Expenditure Account Nature It is the summary of the It is like Profit & Loss cashbook Account Closing balance Balance at the end represents Balance at the end cash in hand/bank balance/bank represents excess of overdraft at the end income over expenditure or vice versa – surplus / deficit