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Name the source document prepared by the seller for credit sale?
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Name the source document prepared by the seller for credit sale?
When goods are sold on credit, a credit memo is prepared by the seller, who records therein details of the goods sold. It is also known as an invoice or a bill. It includes details of the party, quantity, rate and total amount of goods sold, along with the date of transaction.
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Name the source document prepared by the seller for credit sale?
Source Document for Credit Sale:
- Sales Invoice:
- Importance of Sales Invoice:
- Contents of a Sales Invoice:
- Format of a Sales Invoice:
- Conclusion:
Sales invoice is the source document prepared by the seller for credit sale. It contains details of the goods or services sold, quantity, price, terms of payment, payment due date, and other relevant information. The sales invoice serves as a legal document that provides evidence of the transaction between the seller and the buyer.
- It helps in recording the sale transaction accurately in the accounting records.
- It serves as a proof of sale and can be used for future reference.
- It helps in tracking the outstanding payments from customers.
- It provides details for issuing credit notes or resolving disputes with customers.
- Seller's name and address
- Buyer's name and address
- Invoice number and date
- Description of goods or services sold
- Quantity and price of goods or services
- Total amount due
- Payment terms and due date
- Terms and conditions of the sale
- The sales invoice should be clearly formatted and easy to understand.
- It should include all the necessary information required for the transaction.
- The format of the sales invoice may vary depending on the industry and the company's preferences.
Sales invoice is a crucial source document for credit sales as it helps in documenting the sale transaction, tracking payments, and maintaining accurate accounting records. It is essential for both the seller and the buyer to ensure that the sales invoice is prepared accurately and contains all the necessary information.
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Name the source document prepared by the seller for credit sale?
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Name the source document prepared by the seller for credit sale? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Name the source document prepared by the seller for credit sale? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Name the source document prepared by the seller for credit sale?.
Name the source document prepared by the seller for credit sale? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Name the source document prepared by the seller for credit sale? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Name the source document prepared by the seller for credit sale?.
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