Explain the Types of Vouchers.

Vouchers can be classified as Primary and Collateral :

Primary Vouchers: When a written evidence is available in original, it is known as primary voucher. For example : cash memo, purchase invoice.

Collateral Vouchers: In certain cases evidence in original is not available. Copies of such evidences are made available for the purpose of audit. Aim is to satisfy the auditor regarding the correctness of transaction recorded. For example: carbon copies of sales invoices, copy of resolution passed at a meeting.

Following are the example of vouchers for various transactions:

  • For Gash Payments: Cash memos, pay sheet, receipt received, pay sheets agreements, demand notes.
  • For Cash Received: Carbon copies of receipt, counterfoils of receipts issued, contacts, correspondence.
  • For Purchases: Invoices, copies of orders and correspondence, goods inward register etc.
  • For Sales: Goods outward register, order, copies of invoices, cash memos etc.
  •  Opening Journal entries: Last year’s balance sheet entries, bills payable, bill receivable etc.

Tags: B.Com

Owlgen
Logo
Enable registration in settings - general
Compare items
  • Total (0)
Compare
0