When is a voucher prepared

The voucher helps accountant to arrange the business transactions into the category of revenue, expense, and other adjustments. Accountants can prepare the document by month which is easy to find the document if need. A debit voucher or payment voucher is the supporting document that shows that the monetary transaction has occurred. It shows that the company has made payment to its supplier and other parties. This payment voucher will be used for both cash and bank transactions.

The company will use a payment voucher for the payment of payroll, utilities, rental, purchase of goods, and so on. One voucher will be used for one business transaction.

Each voucher represents a separated transaction, so the documents attached may be different due to their nature,. The payment is made on the same day using the cheque. Please prepare a debit voucher for the transaction. Credit or Receipt Voucher is the supporting document that shows the company has received cash from their customer, bank, or other parties.

A voucher implies a source document, generally prepared for the purpose of future reference that keeps a record of the ground on which the transaction took place. Hence, it acts as documentary evidence of that transaction as it backs the entries recorded in the journal. It must be noted that a transaction can only be entered in the books of accounts only when there is some documentary evidence present in its support.

A voucher is an accounting document that indicates the flow of resources, be it goods, assets or money, inside or outside the organization.

It authorizes receipts and payments and shows the ledger account where the record of these transactions can be found. In general invoice, cash memo, receipt, counterfoil of a receipt, written requisition slip, resolution passed in meeting, pay-in-slips. Further, there is no formal format of the voucher, and that is why it differs from one organization to another.

Vouchers are required to be preserved until the audit and tax assessments for the concerned period is completed, so as to avoid any issues in future. As the voucher is documentary proof stating the facts of the transaction, so it has to be prepared with great caution and care.

A printed voucher is generally preferred. Cash withdrawn by the Proprietor should be credited to: i Drawings account ii Capital account iii Profit and loss account iv Cash account. Voucher is prepared from: i Documentary evidence ii Journal entry iii Ledger account iv All of the above. A bank reconciliation statement is mainly prepared for: a Reconcile the cash balance of the cash book. What is the money measurement concept? Which one factor can make it difficult to compare the monetary values of one year with the monetary values of another year?

Why is it important to adopt a consistent basis for the preparation of financial statements? The accounting concepts and accounting standards are generally referred to as the essence of financial accounting. If the opening capital is Rs. The amount of interest on capital shown in profit and loss account as on March 31, will be : a Rs. Q2 Voucher is prepared from: i Documentary evidence ii Journal entry iii Ledger account iv All of the ab Q3 How many sides does an account have? Q4 A purchase of machine for cash should be debited to: i Cash account ii Machine account iii Purchase acco Q5 Which of the following is correct?

Q6 Cash withdrawn by the Proprietor should be credited to: i Drawings account ii Capital account iii Profit Q7 Find the correct statement: i Credit a decrease in assets ii Credit the increase in expenses iii Debit t Next Question.