3.1 Name the source document that is provided for the following transactions:
3.1.1 When goods are sold on credit
3.1.2 Proof of a deposit made into the bank account
3.1.3 To acknowledge that money has been received by the business
3.1.4 Consumables bought for cash at an agricultural convenient store. - NSC Agricultural Management Practices - Question 3 - 2018 - Paper 1
Question 3
3.1 Name the source document that is provided for the following transactions:
3.1.1 When goods are sold on credit
3.1.2 Proof of a deposit made into the bank accoun... show full transcript
Worked Solution & Example Answer:3.1 Name the source document that is provided for the following transactions:
3.1.1 When goods are sold on credit
3.1.2 Proof of a deposit made into the bank account
3.1.3 To acknowledge that money has been received by the business
3.1.4 Consumables bought for cash at an agricultural convenient store. - NSC Agricultural Management Practices - Question 3 - 2018 - Paper 1
Step 1
When goods are sold on credit
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Answer
The source document required when goods are sold on credit is an Invoice. This document itemizes the sale and serves as a record of the transaction.
Step 2
Proof of a deposit made into the bank account
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Answer
The source document for proof of a deposit made into a bank account is a Deposit Slip. This slip provides confirmation of the amount deposited and the account information.
Step 3
To acknowledge that money has been received by the business
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Answer
The source document that acknowledges that money has been received by the business is a Receipt. This document serves as evidence that the transaction has occurred.
Step 4
Consumables bought for cash at an agricultural convenient store
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Answer
The source document for consumables bought for cash at an agricultural convenient store is a Cash Slip or Till Slip. This slip records the purchase and the amount paid in cash.
