Debit note & credit note
This query is : Resolved
10 September 2014
what is the concept of Debit note & credit note ?
How it's work?
what is the entries for that?
plz tell me any sir/madam
10 September 2014
1. Debit note is issued to a person when his account is debited by the enterprise.
2. Similarly credit note is issued to a person when his account is credited by the enterprise.
Eg.
You purchased goods from a party and passed the following entry:
Purchase A/c Dr
To Creditor
Now some of the goods were defective and returned to the party. So you will debit the party by raising a debit note & pass the following entry:
Creditor Dr
To Purchase
Similar concept will be used for credit note.
2. Similarly credit note is issued to a person when his account is credited by the enterprise.
Eg.
You purchased goods from a party and passed the following entry:
Purchase A/c Dr
To Creditor
Now some of the goods were defective and returned to the party. So you will debit the party by raising a debit note & pass the following entry:
Creditor Dr
To Purchase
Similar concept will be used for credit note.
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