Following are the differences between Receipts and Payments account and Cash Book:
•Time Period: Cash Book is prepared on daily basis whereas the Receipts and Payments Account is prepared at the end of accounting year.
•Dates: Dates for the entries are recorded in the cash book but these are not recorded in the Receipts and Payments Account.
•Ledger Folio: There is a separate column of ledger folio in the cash book but there is no column of ledger folio in the Receipts and Payments Account.
•Organisations: Cash book is prepared by all types of organisations i.e. trading and non trading organisations on the other hand the Receipts and Payments Account is prepared only by non trading organisations.
•Sides: Left side of Cash Book is called debit side and right side is called credit side whereas the left side is receipts side and right side is payments side in Receipts and Payments Account.
The book in which all cash transactions (either cash is received or paid) are primarily recorded according to dates, is called 'Cash Book'.1. All the items of cash receipts are recorded on the left hand side and all items of cash payments on the right hand side in order of date.
Receipt and payment:It is prepared at the end of the accounting year on the basis of cash receipts and cash payments recorded in the cash book. It simply is a summary of cash and bank transactions under various heads.Receipts are recorded on the debit side while payments are entered on the credit side.
Agreeing to the above answers and just adding something to it...cash book is a way of keeping daily record of all the reciepts and payments..So it is a record which a company keeps to take care of its cash inflow and outflow at all the times and to know about the daily cash balance in hand...and reciepts and payment account is a report which is prepared at the end of the accounting period and is generated on the basis of the cash book that is maintained all through the year.
the basic difference between the two is that in cash books we enter and record only cash transactions whereas in receipt and payment account we record both cash and bank transactions....
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