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 below.
Example 1
Fradset Enterprises Ltd
bought twenty five packets of biros at ₦28 a packet on 28th
February, 20x1 from FATutor Enterprises and paid cash.
As the cashier of FATutor,
you are required to issue a receipt for Fradset for the transaction above.
Suggested Solution 1
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
1.
Date
of payment
2.
Name
of seller/issuer (individual or entity)
3.
Name
of buyer (person from whom cash is received, being it individual or entity)
4.
Purpose
of payment
5.
Amount
in words paid/received
6.
Amount
in figures paid/received
7.
Signature
of issuing officer
8.
Receipt
number
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