Vouching of cash book payment sidereel

The main objectives of vouching of cash transactions are, to ensure that all receipts of cash are duly accounted for. An auditor should give care and attention to the vouching of cash transactions. It is an important financial book for a business concern. The cash balance on any day can be known from cash book. Vouching is an act of comparing entries in the books of accounts with. The receipt side or the debit side of the cash book contains items such as opening balance, cash sales, receipts from debtors, receipts from bills discounted and bills matured, income from investments, sale of investments, sale of fixed assets, loan received, and miscellaneous receipts, etc. Vouching of cash payments credit side of cash book all the payment made to creditors, expenses incurred in cash and all other payments done appear on the credit side of cash book and the auditor is required to vouch cash payments because chances of cash misappropriation are very high. It should be examined with the receipts issued by the creditors. Have been sanctioned by a person holding some authority, iv. When an accounting transaction is vouched, it is tested and verified by presenting relevant documentary evidence. Auditing vouching of cash transactions tutorialspoint. In vouching, payments shown on cash book, an auditor should see that payment has been made wholly and exclusively for the business of the client and that it is properly authorized by the person who is competent to do so. Vouching of cash transactions cash book is the most important of the books of ac for any business.

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Vouching of cash transactions cash book is the most important of the books of a c for any business. Cashbook cash payment transactions credit side or payment side of the cash book auditor should satisfy himself that the payment have been actually made. Vouching of cash transactions points to be considered. The receipts and payments are recorded in cash book. Vouching of receipt side or debit side of cash book. It is a presentation on basic introduction to the subject of vouching. In vouching payments, the auditor does not merely seek. Usually, cash receipts are entered first in the unpleasant cash book before they are entered in the cash book. Errors and frauds arise mostly in connection with receipts and payments of cash by making misappropriations wherever possible. The auditor vouches cash payments with an objective to ensure that all cash payments pertaining to business activities are genuine and.