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Discussion > Accounts > Others >

What is debit note and credit note?

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Student

[ Scorecard : 69]
Posted On 04 May 2011 at 18:34 Report Abuse

What is a debit note and credit note? What are the journal entries for these?


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Devendra
M.COM CA Final [Group 2- Cleared] CS Professional

[ Scorecard : 4406]
Posted On 04 May 2011 at 18:53

When the purchaser returns the goods to the seller the Purchaser sends a Debit Note to the seller (ie. the purchaser debits the seller in his books ie. Purchasers Books) and the Seller sends a Credit Note to the purchaser (ie. the seller credits the Purchaser in his Books ie. Sellers Books).



Following are the JVs to be passed:-

Sales Return inward A/c     Dr.

      To Debtor A/c

(Being goods returned by the customer)



Creditor A/c          Dr.

    To Goods Return A/c 

(Being goods sent back to the seller)





Regards,

Devendra







Total thanks : 6 times




|)eep@k Gupt/\
CA Student

[ Scorecard : 6775]
Posted On 04 May 2011 at 19:08

Entry for Debit Note:
.
Creditor for Goods A/c      Dr

To, Purchase Return A/c

To, Input Vat A/c (i.e. Reverse Credit)
.
Entry for Credit Note:
.
Sales Return A/c      Dr

Output Vat A/c      Dr

To, Debtor for Goods A/c




P.N.Prasanna venkatesh
Senior Financial Analyst

[ Scorecard : 134]
Posted On 24 May 2011 at 19:50

Nice explanation at both above




Prakash Kumar
Acountant

[ Scorecard : 22]
Posted On 19 May 2012 at 15:45

Originally posted by : Devendra
When the purchaser returns the goods to the seller the Purchaser sends a Debit Note to the seller (ie. the purchaser debits the seller in his books ie. Purchasers Books) and the Seller sends a Credit Note to the purchaser (ie. the seller credits the Purchaser in his Books ie. Sellers Books).


Following are the JVs to be passed:-
Sales Return inward A/c     Dr.
      To Debtor A/c
(Being goods returned by the customer)


Creditor A/c          Dr.
    To Goods Return A/c 
(Being goods sent back to the seller)




Regards,
Devendra


 




Sonu Kumar
Account Manager

[ Scorecard : 569]
Posted On 19 May 2012 at 17:13

we May Issue Debit note in Short supply and Rate Diffrence as well.




bhaveshmitaliya
accounts

[ Scorecard : 22]
Posted On 20 May 2012 at 02:39

whther for commision charged by supplier debit note can be raised?




Sanjeev Kumar
Audit Clerk

[ Scorecard : 23]
Posted On 16 August 2012 at 10:53

Sir, Kindly explain the accounting entry in respect of short supply (with stock adjustments)i.e

we supply 100 kg, to purchaser but he book 95 kg in his books, so what is the accounting entry( with effect to stock)  the diff of 5kg which is shortage or less book by purchaser.




llllVICTORllll
Internal Auditor

[ Scorecard : 503]
Posted On 16 August 2012 at 11:04

Debit note is Just a note given by the guy debiting the accounts saying "i have debited your accounted for so and so rupees for so and so reason". I mean to say,  i neednot be confined to just purchase, sales, rate or quantity difference it may be any type of debiting including expenses, reimbursement, discounts, etc etc

 

Credit note also is a note from the guy crediting another guys account saying "i have credited your account with so and so reason for so and so amount".

 

And being the notes used for a variety of transaction it will be tough to give a standard jounal entry format.

 



Total thanks : 1 times



Himanshu Arora
Article

[ Scorecard : 21]
Posted On 21 January 2014 at 16:58

whether the asset transfer from Proprietorship firm to Partnership firm after depreciation are liable to Capital Gain or Loss?      

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