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Debit & credit note fundas

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 May 2014 We usually Prepare a Debit Note, when Faulty Goods return by customer and Prepare a Credit Note when we send back the repaired goods to the customer. Whether the above is correct accounting wise? Whether we have to mention separately in Sales Return and Purchase return? Generally what entry has to be passed for the same? Pls. explain with suitable egs.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 May 2014 yes it is correct. the debit note is issued when we debit a party in our books. similarly we issue a credit note when we credit a party in our books.

it is always advisable to properly classify the entries in purchase return/sales returns books.
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