Differentiate between source documents and vouchers - Recording of Transaction

By admin -
Differentiate between source documents and vouchers









Basis of Difference Source Documents Vouchers
Meaning A source document is the original document that contains the details of a business transaction.A voucher is a redeemable form of transaction bond that is worth a particular monetary value and can only be used on specific grounds.
PurposeIt is used for preparing accounting vouchersIt is used for analysing the transactions.
RecordingIt acts as a basis for preparing accounting voucher that helps in recording.It acts as a basis for recording transactions
PreparationIt is prepared at the time when an event or a transaction occurs.It can be prepared either when an event or a transaction occurs or later on.
Legality ValidityIt can be used as evidence in the court of law.It can be used for assessing the authentication of transactions.
Prepared ByIt is prepared by the persons who are directly involved in the transactions or who are authorised to prepare or approve these documents.It is prepared by the authorised persons or by the accountants.
ExamplesCash, memo, invoice and pay-in-slip, etc.Cash memo, invoice, pay-in-slip (if used as evidence), debit note, credit note, cash vouchers, transfer etc.



Comments

Post a Comment

Popular posts from this blog

Himanshu Withdrews Rs 2,500 at the End Month of Each Month - Bzziii.com

By admin -
Himanshu withdrews Rs 2,500 at the end Month of each month. The Partnership deed provides for charging the interest on drawings @ 12% p.a. Calculate interest on Himanshu’s drawings for the year ending 31st December, 2017 SOLUTION Calculations for Himanshu's Total Drawing  = Rs 2,500 × 12  = Rs 30,000 Interest on Drawing = Total Drawings `\times` `"Rate"/"100"` `\times` `frac{11}{2\times12}` = Rs. 30,000 `\times` `"Rate"/"100"` `\times` `frac{11}{2\times12}` = RS. 1,650 Chapter-2 Partnership Basic: Accounts 18 19 20 21 22
Read more

Chapter 2 - Accounting for Partnership Firms-Fundamentals - Solutions for Class 12 Accountancy

By admin -
NUMERICAL QUESTION 1.Triphati and Chauhan are partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were Rs 60,000 and Rs 40,000 as on January 01, 2015. During the year they earned a profit of Rs 30,000. According to the partnership deed both the partners are entitled to Rs 1,000 per month as Salary and 5% interest on their capital. They are also to be charged an interest of 5% on their drawings, irrespective of the period, which is Rs 12,000 for Tripathi, Rs 8,000 for Chauhan. Prepare Partner’s Accounts when, capitals are fixed. SOLUTION 2. Anubha and Kajal are partners of a firm sharing profits and losses in the ratio of 2:1. Their capital, were Rs 90,000 and Rs 60,000. The profit during the year were Rs 45,000. According to partnership deed, both partners are allowed salary, Rs 700 per month to Anubha and Rs 500 per month to Kajal. Interest allowed on capital @ 5% p.a. The drawings at the end of the period were Rs 8,500 for Anubha and Rs 6,500 for Kajal. ...
Read more