Debit Note
This query is : Resolved
10 December 2009
Sir,
Our company takes credit of the amt for which we have raised debit note.
For Ex We have recd bill for Rs 110.30
and we have raised the debit note for Rs 50/- and remaining amt of Rs 60.30 is paid by cheque.
Is it correct can we take credit of the amt for which we have raised debit note
Please Suggest
Regards
Ravi Konda
Our company takes credit of the amt for which we have raised debit note.
For Ex We have recd bill for Rs 110.30
and we have raised the debit note for Rs 50/- and remaining amt of Rs 60.30 is paid by cheque.
Is it correct can we take credit of the amt for which we have raised debit note
Please Suggest
Regards
Ravi Konda
10 December 2009
Yes you can debit the particular vendor and credit the expenses
11 December 2009
You can not take service tax on none aceptable service which is not paid by you.
11 December 2009
Your question is not clear Ravi Kiran, Is it purely accounting related or it relates to Cenvat credit.
Let me assume it as accounting related:-
Example:-
Step1: When you receive the bill:-
Dr: Expenses Rs.110.30
Cr: Supplier Rs.110.30
Step2: When you raise debit note:-
Dr: Supplier Rs.50.00
Cr: Expenses Rs.50.00
Step3: When you pay supplier:-
Dr: Supplier Rs.60.30
Cr: Bank Rs.60.30
I hope I have clarified your query
Let me assume it as accounting related:-
Example:-
Step1: When you receive the bill:-
Dr: Expenses Rs.110.30
Cr: Supplier Rs.110.30
Step2: When you raise debit note:-
Dr: Supplier Rs.50.00
Cr: Expenses Rs.50.00
Step3: When you pay supplier:-
Dr: Supplier Rs.60.30
Cr: Bank Rs.60.30
I hope I have clarified your query
11 December 2009
It is related to cenvat credit.
RS 50/- debit note is raised on the
A co and the same amt credit is given to B co since that much amt of work was done by B co instead of A co, and same amt is being paid to B co by cheque.
Hope it is clarified .
Now i want to know whether it is correct to take credit.
RS 50/- debit note is raised on the
A co and the same amt credit is given to B co since that much amt of work was done by B co instead of A co, and same amt is being paid to B co by cheque.
Hope it is clarified .
Now i want to know whether it is correct to take credit.
12 December 2009
Take credit on the invoice issued by B. Its a seperate issue.
As regards A, if some invoice was received from A for 100 + tax. Now you are issuing a debit note to A for 50. Then reverse credit to that extent.
As regards A, if some invoice was received from A for 100 + tax. Now you are issuing a debit note to A for 50. Then reverse credit to that extent.
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