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Business Transaction #Voucher

  • Business transactions are exchanges of economic consideration between parties and have two-fold effects that are recorded in at least two accounts.
  • Business transactions are usually evidenced by an appropriate documents such as Cash memo, Invoice, Sales bill, Pay-in-slip, Cheque, Salary slip, etc.
  • A document which provides evidence of the transactions is called the Source Document or a Voucher.
  • At times, there may be no documentary for certain items as in case of petty expenses.
  • In such case voucher may be prepared showing the necessary details and got approved by appropriate authority within the firm.
  • All such documents (vouchers) are arranged in chronological order and are serially numbered and kept in a separate file.
  • All recording in books of account is done on the basis of vouchers.

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