A receipt is a document issued to a customer who pays money for goods sold to him/her or service rendered to him/her. The receipt, among other things, states the reason for payment. The receipt is in effect an acknowledgement of cash (payment) received.
The receipt is usually in duplicates. The original copy is given to the customer who pays for goods/services. The (other) duplicate copy is kept for accounting purposes, and it is from this duplicate copy the transaction is recorded in the books of accounts.
A pro forma of a receipt is shown in the following example
Example
Fradset Enterprises Ltd bought twenty five packets of biros at $28 a packet on 28th February, 20x1 from FATutor Enterprises and paid cash. Dollar
As the cashier of FATutor, you are required to issue a receipt for Fradset for the transaction above.
Suggested Solution
The receipt is usually in duplicates. The original copy is given to the customer who pays for goods/services. The (other) duplicate copy is kept for accounting purposes, and it is from this duplicate copy the transaction is recorded in the books of accounts.
A pro forma of a receipt is shown in the following example
Example
Fradset Enterprises Ltd bought twenty five packets of biros at $28 a packet on 28th February, 20x1 from FATutor Enterprises and paid cash. Dollar
As the cashier of FATutor, you are required to issue a receipt for Fradset for the transaction above.
Suggested Solution
From the receipt issued in the above example, it could be deduced that a receipt will normally contain the following information.
Content of a receipt
- Date of payment
- Name of seller/issuer (individual or entity)
- Name of buyer (person from whom cash is received, being it individual or entity)
- Purpose of payment
- Amount in words paid/received
- Amount in figures paid/received
- Signature of issuing officer
- Receipt number
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