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Vouching

Raj (Assistant) (56 Points)

19 November 2010

Please tell me about vouching...

What is the procedure of Vouching...different kinds of Vochers...the supporting documents needed for a proper voucher..and the leagalities...

Thanks

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4 Replies

Kirti Bhauka (CA Final - Student) (109 Points)
Replied 19 November 2010

Vouching is d essence of Auditing...

While vouching u jst need to keep in find the following details:

--Voucher must belong to the entity for which d audit is being done.

-- The date on the voucher must be of the period under audit.

-- Vouchers to be serially numbered.

-- Vouchers to be dully authorized.

-- A/c head to which the exp of the voucher is debited should be correct

-- The exp for which the vouches is made is concerned with the activity of the business.

-- Calculation of the amt in voucher

-- Amt in words and fig should be d same.

I feel these are the essential things to be checked while vouching...

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sajay kumar (IPCC STUDENT) (162 Points)
Replied 19 November 2010

as per iam considered simply we are checking the genuinity of vouchers submited for auditing.and iam agreing with kirti. voucher kinds depends according to needs of entity

Raj (Assistant) (56 Points)
Replied 19 November 2010

Thanks...Actually i am expecting views of some Accountants

Kumar (CA) (666 Points)
Replied 21 November 2010

1. Different kinds of vouchers

a) Cash voucher

b) Bank voucher

c) Purchase Journal voucher (PJV)

d) Subcontract Journal voucher (SJV)

e) Journal Voucher (JV)

2. Supporting document shall be such that it proves the existence of the transaction. In other words, it is to prove it is not a Bogus but is an actual transaction.

3. As far as legality w.r.t. Income tax Act is concerned, if we do not have proper supporting document, the expenditure can be disallowed as Un-explained expenditure.

4. If you have any specific query, then kindly give details about that.