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When you buy a product from a store, the seller is given written confirmation of product purchased- this is called a bill of sale. Usually, it contains the date of purchase, location, quantity of products purchased, the total payment amount, the product description and the name of the buyer. Sometimes when you need to replace any particular item, you have to show your bill to the seller as it proves that the item was purchased by store. They help to minimize frauds and malpractices. Instead of printing forms may free account sales forms and by customizing it as per the requirements, use it for daily communication
Species -.
1. Absolute- That means the transfer of tangible or non-tangible products is completed, there are no payments. With complete payment transaction closes. There is a “conditional sale” liquidity and no liquidity.
2. Conditional- Mainly used in real estate matters, the seller requires collateral from the buyer until the complete payment is made. Non payment of overdue amount gives power to the seller to claim full ownership of collateral.
difference from Invoice-
invoice forms and bill of sale forms are slight differences. Bills are used for daily cash transactions between seller and buyer. There is no debt or credit factor. But the bill recognizes the purchase of goods and payment is not made immediately but after some time. Invoices are basically used by companies, small companies, wholesalers and others. Also bill contains more information about purchasing items, compared with a simple bill. One can get a free invoice forms from the Internet for business use.
If there are any fraudulent practices involved, the bill of sale can act as legal financial instrument and act as proof to settle claims. It is therefore necessary to maintain this data in future benefits.
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