Question

Write Short notes on the following:
Importance of Pay-in-Slip:

Answer 1

The importance of Pay-in-Slip is explained as follows:
(i) Bank printed Pay-in-slip provided by the bank free of charge is used by the account holder for depositing cash as well as cheque into his bank account.
(ii) The foil of pay-in-slip remains with the bank after depositing cash or cheque into the bank. This is part of the pay-in-slip is used by the bank for making entries in the registers of the bank.
(iii) The counter foil of pay-if-slip service ana legal evidence or documentary proof of cash or cheque deposited into the bank.
(iv) On the basis of counter foil of the pay-in-slip entries are made in the tripple column of cash book by the account holder (i.e. businessman).
(v) Pay-in-slip is useful to the auditor to verify the entries passed in the cash book.