What is meant by invoice or bill?
Asked by Topperlearning User
| 4th Jul, 2016,
08:16: AM
Expert Answer:
When a trader sells goods on credit, she/he issue an invoice or bill in the name of the purchaser which contains details about the product, quantity, agreed price of product, terms of payment, the name and address of the seller and purchaser.
Answered by
| 4th Jul, 2016,
10:16: AM
- 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.
- 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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