Accounting systems
Sheila Fernando
ID:20202367
Teacher: Mr. Ambrosio M. Arbutante
Task 1 (P1)
Documents used to record business transactions
In this task I will be identifying the financial source documents used to record business
transactions their use and purpose.
Cash memorandum:
Cash memo is when sales and purchases of a business is bought on cash, it is a source document
in which all transactions relating to cash are to be recorded, relating to Wakanda forever on April
15th the business bought gasoline for cash, therefore this will be recorded in a cash memo
document as well as April 20th the business bought packing materials which is a purchase for
cash, therefore, also being recorded in this source document. ("Top 8 Types of Documents Used in
Accounting", 2021)
("Cash Memo", 2021)
Petty cash voucher:
A petty cash voucher is a source document that records payment from a petty cash fund which
Wakanda forever has established a petty cash fund on April 1st . ("What is a petty cash voucher? |
AccountingCoach", 2021)
,("Redirect Notice", 2021)
Receipt received:
Receipts received are a source document that is used to record when a payment has been made
by the business or by the customers to the business therefore when a customer has paid their bill
it is issued a receipt and when Wakanda forever has paid for something they have bought on
account or received a payment it is also recorded as a receipt April 11th, 16th 18th 19th 27th , 28th
30th , 30th and 30th are all dates during April 2021 that the company Wakanda forever has
received payments such as April 11th 19th 27th 30th 30th when payments have been received to
them and April 16th ,18th 28th and 30th are dates when the business has paid what they were due
for buying on account therefore they are paying which is a payment made and recorded as
receipts. ("Types of Accounting Source Documents in Bookkeeping", 2021) ("13 types of source
documents in financial accounting | SB-Accounting", 2021)
("Cash Receipt Template | Free Download (Excel,
ODS, Google Sheets)", 2021)
Purchase invoice:
A purchase invoice is when a business
purchases goods or services on account,
therefore they have not paid for the goods or
services bought as of yet. Wakanda forever on
April 4th and April 6th purchased goods such as
April 4th purchased packing materials on
account and April 6th bought gasoline from al
Maha station on account therefore need to be
recorded as a purchase invoice. (2021)
, ("Purchase Invoice – Cute766", 2021)
payroll report:
This is a document that is related to any payments to do with payroll of a business such as at the
end of the month salaries Wakanda forever has a payroll receipt on April 30th as this is when they
pay salaries, cash advance and take-home pay as well as April 29th the salary advance would be
deducted from the payroll.
Sales invoice:
Sales invoice is a source document that records a business transaction such as when a client is
owned money to the business, it is a record that the services are or have been provided to the
client and therefore needs to be paid. On April 17th Wakanda forever billed a client for their
services which were delivering cargoes. ("What Is a Sales Invoice? Sales Invoicing Guide for Small
Businesses", 2021)
("Redirect Notice", 2021)
Sheila Fernando
ID:20202367
Teacher: Mr. Ambrosio M. Arbutante
Task 1 (P1)
Documents used to record business transactions
In this task I will be identifying the financial source documents used to record business
transactions their use and purpose.
Cash memorandum:
Cash memo is when sales and purchases of a business is bought on cash, it is a source document
in which all transactions relating to cash are to be recorded, relating to Wakanda forever on April
15th the business bought gasoline for cash, therefore this will be recorded in a cash memo
document as well as April 20th the business bought packing materials which is a purchase for
cash, therefore, also being recorded in this source document. ("Top 8 Types of Documents Used in
Accounting", 2021)
("Cash Memo", 2021)
Petty cash voucher:
A petty cash voucher is a source document that records payment from a petty cash fund which
Wakanda forever has established a petty cash fund on April 1st . ("What is a petty cash voucher? |
AccountingCoach", 2021)
,("Redirect Notice", 2021)
Receipt received:
Receipts received are a source document that is used to record when a payment has been made
by the business or by the customers to the business therefore when a customer has paid their bill
it is issued a receipt and when Wakanda forever has paid for something they have bought on
account or received a payment it is also recorded as a receipt April 11th, 16th 18th 19th 27th , 28th
30th , 30th and 30th are all dates during April 2021 that the company Wakanda forever has
received payments such as April 11th 19th 27th 30th 30th when payments have been received to
them and April 16th ,18th 28th and 30th are dates when the business has paid what they were due
for buying on account therefore they are paying which is a payment made and recorded as
receipts. ("Types of Accounting Source Documents in Bookkeeping", 2021) ("13 types of source
documents in financial accounting | SB-Accounting", 2021)
("Cash Receipt Template | Free Download (Excel,
ODS, Google Sheets)", 2021)
Purchase invoice:
A purchase invoice is when a business
purchases goods or services on account,
therefore they have not paid for the goods or
services bought as of yet. Wakanda forever on
April 4th and April 6th purchased goods such as
April 4th purchased packing materials on
account and April 6th bought gasoline from al
Maha station on account therefore need to be
recorded as a purchase invoice. (2021)
, ("Purchase Invoice – Cute766", 2021)
payroll report:
This is a document that is related to any payments to do with payroll of a business such as at the
end of the month salaries Wakanda forever has a payroll receipt on April 30th as this is when they
pay salaries, cash advance and take-home pay as well as April 29th the salary advance would be
deducted from the payroll.
Sales invoice:
Sales invoice is a source document that records a business transaction such as when a client is
owned money to the business, it is a record that the services are or have been provided to the
client and therefore needs to be paid. On April 17th Wakanda forever billed a client for their
services which were delivering cargoes. ("What Is a Sales Invoice? Sales Invoicing Guide for Small
Businesses", 2021)
("Redirect Notice", 2021)
