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Debit and credit note

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(Querist)
09 November 2013 WHAT IS DEBIT AND CREDIT NOTE? EXPLAIN WITH EXAMPLE AND ENTRIES?
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CA Ashish Lodha

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CA Ashish Lodha (Expert)
09 November 2013 Creditor are given debit note in case we have to pay them less & they have raised invoice of more amount.
hence in that case
Creditors debit
to purchase account.

vise versa for debtors....
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Guest (Expert)
10 November 2013 Credit note is given when we have to credit any customer/client in the books of accounts.

Similarly debit is issued when we need to debit any person.

For example:-
1) Sales bill revised
if increase - debit note
if decrease - credit note

2) Purchase bill revised
if increase - credit note
if decrease - debit note
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