Read the following passage and answer the questions.

Abhishek bought gold jewellery for her wife worth of ₹70 lakhs. The seller did not give him the receipt for payment but he insisted the seller to give him the cash memo. After many arguments between both of them, the seller at last gives Abhishek the cash memo. After 10 days, Abhishek's wife found a defect in one of the necklace bought and complained to seller. Seller did not pay any heed to Abhishek's wife. She went to the respective redressal agency for the solution.

What does cash memo represent?

A document that serves as proof of payment and transaction details

The correct answer is option 1- A document that serves as proof of payment and transaction details.

In the given passage, Abhishek insisted that the seller provide him with a cash memo after purchasing the gold jewellery. The cash memo in this context represents a document that acts as proof of payment and provides transaction details, such as the items purchased and the amount paid. After making a high-value purchase (₹70 lakhs), Abhishek wanted to ensure he had a formal document verifying the transaction. Since the seller initially did not provide any receipt, Abhishek requested the cash memo, which is typically issued by sellers as proof of purchase. This helps to clarify the details of the purchase, like the amount paid, the items bought, and any other related information. The cash memo served as a safeguard for Abhishek to ensure he had documentation of the transaction in case there were any issues later, such as the defect in the necklace that arose. Thus, a cash memo represents proof of payment and transaction details.