Pay-in-slip and cheques are used for same purpose. Do you agree? Justify your answer.
Asked by Topperlearning User
| 16th Jun, 2016,
02:22: PM
Expert Answer:
Pay-in-slip and cheques are both documents related with the bank transaction but are used for different purposes. Pay-in-slip is a form used to deposit cash and cheques into a bank account. It has a counterfoil which is returned to the depositor with the signature of the cashier as receipt. On the other hand, cheque is an order to a bank in writing to pay specified amount to the bearer or the person whose name is written on the cheque. Each cheque has a counter foil which is retained by the account holder for further reference. It is also considered as a source voucher to record transactions in the books of account.
Answered by
| 16th Jun, 2016,
04:22: PM
- Briefly explain the following: Supporting vouchers Debit note Credit note
- 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.
- 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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