ZIMSEC O Level Commerce Notes: Statement of Account
- Also known as an account statement or customer statement.
- It is a summary of all the transactions (for a particular customer) over a period of time.
- It is issued by a seller to a buyer.
- It is issued when goods or services are bought on credit.
- It is sent as a request for payments.
- Reminds customers that payments are due.
- Assists buyers to reconcile with their own requests or make queries before making payment.
- May be used for advertising.
- It is used as a source document for accounting purposes.
- It shows:
- The date on which it is issued.
- The names and addresses of the buyer and seller.
- The amounts due.
- The balance carried forward and brought down.
- Credit notes issued and adjustments.
- Debit notes issued and adjustments.
- Interest to be applied and paid on overdue amounts.
- The rate of interest on overdue amounts
- Invoice numbers and their individual amounts.
- Instalment payments made/payable.
- Installment/Payment due date.
- Terms of payment.
To access more topics go to the Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes.
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