Business documents - Principles Of Accounting
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http://principlesofaccounting2.com/ http://principlesofaccounting2.com/ Business documents A business document provides details of a business transaction. It contains information like the date, the nature, the value of the transactions & the names of buyers and sellers involved. For accounting purposes, business documents are important
as evidence of transactions for recording transactions
Invoice When goods are sold on credit, seller will issue an invoice to buyer. A copy of invoice will be retained with the seller while the original is send to the buyer. This document is used by the seller to record its credit sales while the buyer uses the same document to record its credit purchases.
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Sometimes the seller allows the buyer trade discount. This is a reduction in the price of goods intended to encourage buyers to buy in bulk. Trade discount is shown as a deduction on the invoice and it is not recorded in the books. Debit Note The buyer should check that goods received are in satisfactory condition and that they are exactly what was ordered (in respect of price, quantity and quality).
/ http://www.principlesofaccounting2.com/ The seller must be informed of any shortages, overcharges and faults. This is done by issuing a debit note to the seller. Therefore, a debit note is merely a request to the seller to reduce the total of original invoice. Neither the seller nor the buyer makes any entries in their books in respect of a debit note.
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When goods are returned, reported faulty, or where there has been an overcharge on an invoice, the seller may issue a credit note.
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The buyer receives the original credit note and uses it to record purchases returns. The seller keeps a copy of the credit note and uses it to record the sales returns.
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Statement of Account At the end of each month, a seller will usually issue a statement of account to each buyer. This is a summary of the transactions for the month and a remainder to the buyer of the amount outstanding. Cheque Many accounts are paid by means of a cheque. A cheque is a written order to a bank to pay a stated sum of money to the person or business named on the order.
A paying-in-slip is completed when the cheque is paid into the bank. The counterfoil of paying -inslip is used to record the money paid into the bank.
The buyer keeps the cheque counterfoil and uses it to record money paid out of bank.
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Receipt A receipt is a written acknowledgement of money received and acts as a proof of payment. Where goods are sold for cash, the seller issues a receipt to the buyer.
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8/12/2013
Business documents - Principles Of Accounting
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The accounting cycle for a profit-making organisation.
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