Receipt

Meaning :

A receipt is a written, printed, or digital proof that a payment has been made or that goods or services have been received. It includes details like the amount paid,

date, payment method, seller and buyer information, and a description of the items. A  receipt acts as legal confirmation that a transaction occurred.

Example : 

For instance, getting an SMS or email receipt after paying for groceries through  UPI is an example of a receipt.

How to Understand : 

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

Whenever money is paid, a receipt ensures there is proof of what was bought and how  much was paid.

It helps you remember when the transaction took place.

Importance :

A receipt acts as legal proof of payment.

It is useful for returns, refunds, or service claims if something goes wrong.

Receipts help in budgeting and tracking how much money is spent.

They are required for business accounting and taxation purposes.