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ix. Gold, Cash or Silver
The payment of the trade transactions, specially of smaller value are made in hard
cash, gold or silver. It is possible if there is a personal dealing and again the seller/exporter
accepts it. Gold and silver are internationally recognized money.

Points to Remember
i. Cheque ii. Bank draft iii. Electronic transfers
iii. Cost and freight invoice vi. ATM Card (Automated Teller Machine) vi. Hundi
vii. Money order viii. Telegraphic transfer (TT) ix. Gold, Cash or Silver

Invoice

4. Introduction
Invoice is a very important document in trade. Invoice is a bill drawn by a seller/
exporter to the name of buyer/ importer including therein, a description of goods,
modes and means of transport, price, discount and other expenses, means of payment,
if any, etc. It is prepared in necessary copies but generally in three copies of which the
first is sent to the buyer/importer, second to the
transport company and the last copy is kept by the
seller/exporter himself. An invoice may include the
following particulars;
i. Heading of the seller/exporter.
ii. Name and address of the buyer/importer
(inside name and address)
iii. Invoice number
iv. Date of dispatch of the goods
v. Order number
vi. Expenses incurred in the way
vii. Quantity and rate and price of the goods
viii. Discount rates and credit terms etc.
ix. Mode and means of transport
x. Net payable amount and means of payment
(if any)
After the invoice is received, the buyer/importer Invoice
of his authorised agent goes to the said station
or port to receive the goods. When the goods arrive, he verifies them with the
invoice and takes the delivery from the carrier. But if the goods are not according to
his order or not as per the invoice, he may reject taking delivery of some or all of the
goods and then return to them the seller/exporter on the risk and expenses of the
seller/exporter.
Key Point A bill drawn by seller/exporter to the buyer/importer including price of
goods as well as expenses and terms and conditions of the trade is known
as invoice.

54 Aakar’s Office Practice and Accountancy - 10 Trade 55