Accounting for Club And Society: Understand What is The Receipts And Payments Account and Income and Expenditure Account

In a non trading concern like a club or a society, besides the usual Balance Sheet and a Trading Account ( if it runs a restaurant or bar), we see two unique Accounts called the Receipts & Payments Account and Income And Expenditure Account
Actually, the Receipts & Payments Account, Income And Expenditure Account in a non trading concern are like the Cash Book and Income Statement respectively in a trading concern.

Below article describes further the salient features:

RECEIPTS & PAYMENTS A/C
1. Is equivalent to the Cash Book of a trading concern.
2. Contains both revenue and capital items
3. Contains the part actually received or paid plus items relating to preceding or succeeding periods
4. If positive bank balance then include as Current Assets in the Balance Sheet otherwise as overdraft classified under Current Liability

INCOME AND EXPENDITURE A/C
1. Summary of all revenue income earned and all revenue expenditure incurred in the current year, the balance being surplus or deficit.
2. Only revenue items are included.
3. Also based on accrual basis where all income and revenue expenditures attributable to the current period are included
4. If surplus balance is added to the Accumulated Fund in the Balance Sheet. Vice versa, if deficit, to deduct from Accumulated Fund in the Balance Sheet.