Debit and credit note

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rohit

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

CA Ashish Lodha

CA Ashish Lodha (Expert)
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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....

Guest

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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