Receipt

Meaning :

A receipt is defined as a written, printed, or digital document that acts as proof that a payment has been made or that goods or services have been received. It

typically contains critical information such as the amount paid, date, mode of payment,  seller and buyer details, and a description of the items involved in the transaction. A  receipt serves as legal confirmation of a transaction.

Example : 

For instance, obtaining an SMS or email receipt after making a payment for  groceries through UPI illustrates the practical use of receipts in daily transactions.

How to Understand : 

A receipt is a document that provides concrete evidence of a transaction.

Each time money is paid, a receipt ensures there is proof of the purchase, detailing what  was bought and the total amount paid.

It also serves as a record of when the transaction took place.

Importance :

A receipt acts as legal proof of payment, safeguarding consumer rights.

It is useful for processing returns, refunds, or service claims when issues arise with  purchases.

Receipts facilitate budgeting and tracking of expenses, aiding in effective financial  management.

They are necessary for business accounting and compliance with taxation requirements.