Briefly explain the following:
- Supporting vouchers
- Debit note
- Credit note
Asked by Topperlearning User
| 16th Jun, 2016,
02:35: PM
Expert Answer:
- Supporting vouchers: Supporting vouchers are evidences of business transations which give information about the nature of transaction, the date, the amount and the people involved in it. These transactions are recorded when they are actually made in the books of accounts and duly supported by the source of documents. These supporting documents are the authentic evidence of the recorded transactions. These are also known as source documents.
- Debit note: Debit note is issued by a firm to its suppliers/creditors for debiting his/her account. For example, goods returned to supplier.
- Credit note: Credit note is issued by a firm to its customers for crediting his/her account. For example, goods returned by the customer.
- Supporting vouchers: Supporting vouchers are evidences of business transations which give information about the nature of transaction, the date, the amount and the people involved in it. These transactions are recorded when they are actually made in the books of accounts and duly supported by the source of documents. These supporting documents are the authentic evidence of the recorded transactions. These are also known as source documents.
- Debit note: Debit note is issued by a firm to its suppliers/creditors for debiting his/her account. For example, goods returned to supplier.
- Credit note: Credit note is issued by a firm to its customers for crediting his/her account. For example, goods returned by the customer.
Answered by
| 16th Jun, 2016,
04:35: PM
- Enumerate briefly receipt in accounting terms and prepare a specimen of it.
- Explain cash memo in accounting terms and prepare a specimen of it.
- Write a brief note on debit voucher and state its contents with a specimen.
- Pay-in-slip and cheques are used for same purpose. Do you agree? Justify your answer.
- Give examples of transactions in which debit voucher is prepared.
- What is a complex voucher?
- The following transactions took place in M/s Swaminathan Traders. Prepare debit voucher. 2016 Rs. Jan. 05 Paid cash to Sonali and Sons for purchase of 5 machines vide Cash Memo no. 5294 20,000 Jan. 21 Wages paid for the month of December, 2015 vide Wage Sheet No. 98 6,500
- Prepare the credit voucher for the following transaction took place in Bhavik Trading and Co.: 2016 Rs. Feb. 04 Sold old Furniture for cash vide cash receipt No. 493 800 Feb. 10 Withdrawal cash from Bank for office use vide cheque No. 34581 2,700
- Prepare the transfer voucher from the source voucher of M/s Geeta Lal and Co. based on the following transaction: 2016 Rs. May, 08 Purchased goods from M/s Nitin and Co. vide Bill No. 684 8,600 May, 19 Sold goods to M/s Naina Naik vide Bill No. 86545 13,900
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