Sir,
Please explain that how we can differentiate the followings:
1. Income and Receipt
2. Expense and Payment
Thank You
In simple language.......Income is revenue generated, may not be encashed (may be accrued). While receipt is the amount actual received from debtor, or borrower or on cash sales......
Similarly expensditures can be on cash basis or on credit. But when it is paid it is called payment. Payment can be of capital nature also.
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