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Debit and credit note

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 March 2013 is it mandatory to issue credit note for purchase (discounts) and debit note for sales discounts?

can journals be passed for purchase discounts and sales discounts
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CA Parul Saxena

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CA Parul Saxena (Expert)
09 March 2013 not mandatory but generally debit and credit notes are issued...
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sharma.ctc@gmail.com

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sharma.ctc@gmail.com (Expert)
09 March 2013 Its not mandatory, but it for the information and proof of the opposite party that the debit/credit entry has been passed in their name and similarly they can also adjust the accounts on the basis of the same.
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