Receipt

Meaning :

A receipt refers to a written, printed, or digital document that serves as proof that a payment has been made or that goods or services have been received. It typically

includes important details such as the amount paid, date, mode of payment, seller and  buyer information, and a description of the items purchased. A receipt functions as legal  confirmation of a transaction.

Example : 

For example, receiving an SMS or email receipt after paying for groceries  through UPI demonstrates how receipts work in everyday transactions.

How to Understand : 

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

Whenever a payment is made, a receipt ensures there is proof of what was bought and  the amount paid.

It also helps you remember when the transaction occurred.

Importance :

A receipt serves as legal proof of payment, protecting your rights as a consumer.

It is useful for returns, refunds, or service claims if you need to address issues with your  purchase.

Receipts assist in budgeting and tracking expenses, helping you manage your finances.

They are essential for business accounting and fulfilling tax obligations.