Panchanama is a Sanskrit word 'panch' means respectable person; 'nama' means a written thing.
A written account of some transactions, which had taken place in the presence of repectable persons (two or more than two). The same can be used for refreshing their memory and it can also be used as evidende in a Court proceedings, as a supporting document to their oral evidence given by them in the Court of law as witness.
It is a contemporary record of transactions in the presence of respectable persons in order to remember or refresh their memory. It can be used as evidence in the Court of Law under Section 157 of Indian Evidence Act. They can give evidence of the recorded transaction by seeing it as to refresh their memory under Section 159 of Indian Evidence Act.