Types of Source Documents - JSS1 Business studies Lesson Note

i. Invoices:

Sales Invoice: A document issued by a seller to a buyer, indicating the details of goods or services sold, including quantity, price, and terms of sale.

Purchase Invoice: A document received by a buyer from a seller, detailing the goods or services purchased, along with relevant terms and conditions.

 

ii. Receipts for Payments Made:

These documents acknowledge the receipt of payment for goods or services provided. They contain details such as the date of payment, amount paid, and method of payment.

 

iii. Cash Register Tapes:

Tapes generated by cash registers at the point of sale, recording transactions made in cash. They include details such as the date, time, items purchased, and total amount.

 

iv. Credit Notes:

Issued by a seller to a buyer, indicating a reduction in the amount owed by the buyer. This could be due to returns, discounts, or allowances.

 

v. Debit Notes:

Issued by a buyer to a seller, indicating an increase in the amount owed by the buyer. This could be due to additional charges or corrections to previous invoices.

 

vi. Cheques:

Written orders from an account holder to their bank, instructing the bank to pay a specified amount to a person or organization. Cheques serve as source documents for recording payments made through the banking system.