Debit & credit note

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 April 2018 Dear Sir,

If we have raised Debit Note agnst Purchase rejection to customer . Afr receiving rejected material our customer raised credit for for the same & send copy to us.
Is it necessary to take entry of credit note received agnst our purchase rejection, in our books of A/cs.
Kindly advice.
Tnks.

CA Suresh Jain

CA Suresh Jain (Expert)
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03 April 2018 Since, you raised a debit note, it seems that you are purchase( customer) and another party is a supplier or seller. If you have already accounted for debit note in your books of accounts there is no need to make entry for credit note. Attach the credit note with the debit entry and if possible mention the the credit note number in the narration of debit entry

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