Question

Write Short notes on the following:
Importance of Voucher.

Answer 1

Importance of voucher is explained below:
(i) A voucher is an important documentary evidence of the transaction.
(ii) On the basis of voucher entries in the cash book and other books of accounts are made.
(iii) It is easier for auditor to perform his duties more efficiently and independently.
(iv) On the basis of voucher date of transaction, the amount and concerned party can be confirmed and verified.
(v) It is easier to calculate profit for the purpose of income tax, sales tax, excise, etc.
(vi) Voucher gives description of the transaction. It is easier to understand the nature of transaction.