Debit And Credit Note

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chauhan devendra (Querist)
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27 December 2008 Pls help me in my difficulty,

I want to know what is the treatement of Debit And Credit note in the accounting system?

When debit and credit note is being sent
ans by whom it is being sent?

If u have a example regarding said difficulty pls explained it by way of
accounting entry?

And what is the entry of Debit and Credit note in the books of account?

Pls help me.................

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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27 December 2008 Debit Note: Debit notes are sent to your supplier by you when you will return some purchased goods/material. Accounting Entry:

Supplier Account Dr.
To Purchase or Purchase return account.

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CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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27 December 2008 Credit Notes: Credit notes are issued by you to your customers for any goods returned by them or any after sale discount/rebate/commission. Accounting Entry:

Sales or Sales Return or Rebate and discount or commission account Dr.
To Customer A/c

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C A GROUP COACHING

C A GROUP COACHING (Expert)
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27 December 2008 DR NOTES / CR NOTES SENT IN CASE OF SALES / PURCHASE RETURNS OR ALSO IN CASE OF SOME TYPE OF NON PURCHASE / SALES PAYMENTS TO BE RECD / MADE EX. COMMISSION ETC.
ACCOUNTING ENTRIES IN CASE OF DEBIT NOTE SIMILAR TO PURCHASE JV & CR NOTE LIKE SALES JV

chauhan devendra

chauhan devendra (Querist)
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04 February 2009 thank u very much sir for solving my query.

Thrissurkkaran Ishtan

Thrissurkkaran Ishtan (Expert)
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27 August 2010 Debit Note is to supplier
Credit Note is to customer.

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