The difference between income and expenditure account and profit and loss account are

No, as the balance in receipt and payments account is closing cash and bank balance

(i) These are the amount received by not-for-profit organizations as a gift. It may be a general donation or specific donation.
(ii) General donation: If the donation is received without any specific condition, then it is a general donation. It is a revenue receipt.
(iii) Specific donation: If the donation received with a specific condition particular purpose like donations for sports fund, prize fund, etc., It is known as a specific donation. It is a capital receipt.

Following are the steps involved in the preparation of receipts and payments accounts:
(i) Record the opening balance of cash in hand and favourable bank balance on the debit side of receipts and payments account. If there is a bank overdraft, it must be recorded on the credit side
(ii) Actual cash receipts during the year are recorded on the debit side and actual cash payments during the year are recorded on the credit side.
(iii) While recording cash-receipts and payments, no distinction needs to be made between revenue and capital items.
(iv) If the total of the debit side is more than the credit side, the balancing figure will appear on the credit side. It represents the closing balance of cash or bank.
(v) If the total of the credit side is more than the debit side, the balancing figure will appear on the debit side. It represents bank overdraft.

Following are the features of not-for-profit organizations.
(i) Not-for-profit organizations are the organizations which function without any profit motive.
(ii) Their main aim is to provide service to a specific group or the public act large.
(iii) Generally, they do not undertake business or trading activities.
(iv) Their main sources of income include subscription from members, donations, grant-in-aid and legacies