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Same thing but COD is definitely cash only and upon receipt "may" take other forms of payment.
the second word. here we differ these term by debit and credit when cash receipt then amount field is +ve as on debit and in cash payment it will be -ve as on credit and reverse for opposite .
Noting
Delay receipt of cash. Expedite payment of cash expenses.
a cash payment journal is used to record only cash payment transactions where as the purchases journal is used to record ONLY purchases on account transactions
Same thing but COD is definitely cash only and upon receipt "may" take other forms of payment.
the second word. here we differ these term by debit and credit when cash receipt then amount field is +ve as on debit and in cash payment it will be -ve as on credit and reverse for opposite .
Noting
Delay receipt of cash. Expedite payment of cash expenses.
Cash flow statment is that in which only cash transaction are involved. All the payment or receipt related only with cash.
a cash payment journal is used to record only cash payment transactions where as the purchases journal is used to record ONLY purchases on account transactions
Cash is money. Credit is a delayed form of payment. Overdraft is based on credit and is also a delayed form of payment.
A cash sale is instant - a credit sale is a 'promise' of payment to come.
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
The minimum information on a receipt is the date, amount, purpose of payment, from whom the payment was received, to whom the payment was made, and (optional) the method of payment such as cash or credit card, etc.
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it is your father that is the receipt