Debit note and credit note

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 Hello Everyone,

I wanted to know the entries for Debit note and credit note.

when this both will come into picture?

Regards,
Chirag

Vishnu Saboo

Vishnu Saboo (Expert)
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27 September 2014 when you have to debit any sum to vendor or customer, you need to raise debit note.
similarly when you need to give credit to party, raise Credit note.

Debit note entry
Party A/c
To respective GL

Credit note
Respective Gl Dr
To party

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Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 1) If purchaser has return the goods to the seller what would be the entry?

2)Or if Goods sold by seller is received back from customer?

Regards,
Chirag

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Vishnu Saboo

Vishnu Saboo (Expert)
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27 September 2014 1- Party a/c dr
to Purchases

2- Sale dr
To Party

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