Question-> Give any one similarity between Receipts & Payments A/c and Income & Expenditure A/c.
The main point of similarity between Receipts and Payments Account and Income and Expenditure Account is that both of them record revenue and income items related to the current year. However, the former (i.e. Receipts and Payments Account) records capital items besides the revenue items. For example, Rs 10,000 paid as rent for the current year is recorded in both of the Accounts (i.e. on payment side of the Receipt and Payment Accounts and simultaneously, on the expenditure side of the Income and Expenditure Account).
Besides this, we can count another point of similarity is that both the accounts are prepared and maintained by the NPO’s only.