The similarities between Receipts and payments and income...
The similarities between Receipts and payments and income and expenditure account is
Both accounts follows the principle of double entry
They are summaries of financial statements
Both include capital items
Both are prepared by non-profit making concern
Correct answer is C
The receipts and payment accounts include both capital and revenue items while income and expenditure account include only revenue items.
Sales and purchases ledger are used in a business to keep records of? ...
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Capital.....................N? Profit and loss.............N3500 Current assets..............N? C...