Concept:Both accounts are prepared by organizations that do not operate for profit, such as clubs and charities.
Explanation:Receipts and Payments Account is a summary of all cash received and paid during the period.
It includes both capital items and revenue items.
Income and Expenditure Account shows surplus or deficit for the period.
It includes only revenue items, not capital items.
Therefore, they differ in the type of items they include.
Their main similarity is that both are used by non-profit making organizations.
Option A is incorrect because Receipts and Payments Account is not strictly a double entry account.
Option B is incorrect; they are not just summaries of financial statements.
Option C is incorrect because Income and Expenditure Account excludes capital items.
Thus, the shared feature is clearly stated in Option D.
Answer:D. Both are prepared by non-profit making concern.