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
(Expert)
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
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
Message likes :
5 times
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.......
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.......
Message likes :
2 times
CMA Arif Farooqui
(Expert)
27 May 2010
agreed with Daya
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