Please answer me
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 July 2012
Hi Sir,
Please tell me about debit note and credit note. in which condition are they issued.
please answer me
Please tell me about debit note and credit note. in which condition are they issued.
please answer me
B Parasuram
(Expert)
20 July 2012
Debit note / Credit note is a intimation given by the firm to its suppliers / Customers respectively.
For eg If there is a shortage of goods received, then the firm/ company will raise a debit note to the supplier and then pass journal entries to reduce the liability.
Below is one of the response from our esteemed Member given a year ago.
When the purchaser returns the goods to the seller the Purchaser sends a Debit Note to the seller (ie. the purchaser debits the seller in his books ie. Purchasers Books) and the Seller sends a Credit Note to the purchaser (ie. the seller credits the Purchaser in his Books ie. Sellers Books).
Following are the JVs to be passed:-
Sales Return inward A/c Dr.
To Debtor A/c
(Being goods returned by the customer)
Creditor A/c Dr.
To Goods Return A/c
(Being goods sent back to the seller)
For eg If there is a shortage of goods received, then the firm/ company will raise a debit note to the supplier and then pass journal entries to reduce the liability.
Below is one of the response from our esteemed Member given a year ago.
When the purchaser returns the goods to the seller the Purchaser sends a Debit Note to the seller (ie. the purchaser debits the seller in his books ie. Purchasers Books) and the Seller sends a Credit Note to the purchaser (ie. the seller credits the Purchaser in his Books ie. Sellers Books).
Following are the JVs to be passed:-
Sales Return inward A/c Dr.
To Debtor A/c
(Being goods returned by the customer)
Creditor A/c Dr.
To Goods Return A/c
(Being goods sent back to the seller)
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