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Debit & credit note

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 July 2012 Whether Debit & Credit Note are for sale & purchase transaction or it can be used for the purpose of other transaction?

Like our co. has to repay an amount to one of its sister concern as sister concern has made payment on behalf of our co.for the purchase of fixed assets. so in this case our co.is issuing Credit Note to its sister concern. Is it right to do so?In my opinion it is not correct as this transaction does not related to sale or purchase.
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Amol S Joglekar

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Amol S Joglekar (Expert)
27 July 2012 Debit or credit note need not necessarily signify the sale or purchase. It can take the shape of other transactions as well. Typically the payment voucher can be viewed as DEBIT vouvher... as is said in banking industry.
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