Crdit note and debit note

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A D - Loving Life (Querist)
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26 May 2009 When is debit and credit note issued and who gives to whom
Also when we give discount or receive discount what should we issue debit note or credit notes and why?

CA PARVEEN GAMBHIR

CA PARVEEN GAMBHIR (Expert)
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27 May 2009 Debit and credit notes are issued while debiting or crediting the other party account which can be under various circumstances like:
a) HO pays certain costs for branch and debit its account to seek reimbursement and issues debit note to the Branch.

b) In case of sale of goods, buyer claims receipts of goods of inferior guality and seeks reduction in price. To adjust the price, seller issues credit note.

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