Issue of Credit and Debit Note

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2010 I always get jumbled up with debit and credit notes...Can anyone tell me in simple language,when is a debit/credit note issued? Why is it issued?

daya shankar singh

daya shankar singh (Expert)
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24 May 2010 Debit note is issued when there is purchase return and credit note is issued in case of sale return

The purpose of issuing debit note is to reduce the amount payable to vendor whereas the purpose of issuing credit note is to reduce the amount receivable from customer

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CA Pradeep Kumar Rajput

CA Pradeep Kumar Rajput (Expert)
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25 May 2010 be simple......
when we issue debit note to other person it means that other person become our debtor.... and
when we issue credit note to other person it means that other person become our creditor.......

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CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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27 May 2010 agreed with Daya

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