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