Issuance of debit notes

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2011 in one of the group companies they are issuing debit notes on inter company funds transfer and for payments made / cheques issued by one sister concern on behalf of another sister concern etc.
my doubt is can we issue debit notes for these kinds of payments and for funds transfers.
please kindly give me suggestions in this regard

thanks

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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24 August 2011 debit notes can be raised only the expenses incurred by one company on behalf of other company.. in case any other transaction like sale/purchases need to be given invoice

fund transfer and all no need to raise the debit note. incase you are charging interest on funds given and taken then need to be raised debit/credit not for interest

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2011 thank you sir

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2011 thank you sir

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