CAN Excess Ecise duty paid by seller be refunded on the basis of dr note issued by buyer.My question that if seller pays excess excise duty why buyer issues DEBIT NOTE.
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Dr note issued by buyee
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I am totaly puzzled tht why a buyer issues DEBIT NOTE TO SELLER IF ANYONE KNOWS PLZ PLZ REPLY
Because the Buyer is reducing the balance payable to the seller by raising the debit note to the extent of excess ED paid. Entry wud be as follows:
Creditor A/c Dr
To- ED
In turn the seller wud issue a Cr Note to the buyer to reduce the balance receivable from the buyer. i.e Debtor
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