Debit/credit note

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2012 We Paid advance money to party. Transaction was cancelled. so creditor ll return the money. Will they issue credit Note or debit note?

Fundamentally wat are credit note & debit nore

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 February 2012 Since there is no sales / purchases involved, question of credit / debit note doesn't arise.

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2012 sir

what if import was made and subsequently re exported and inventory was never part of books.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 May 2012 As the name signify debit note is issued to a party when his account has been debited by us.

A credit note is issued when the account of the party has been credited by us.

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