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Debit note & credit note

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(Querist)
02 November 2009 Are debit notes & credit notes issued simultaneously i.e. if A has to take 1000 rs from B, he will issue a debit note to B. Will B also issue a credit note to A to complete the transaction?

then what will be the parallel entry in B a/c
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ANIL JANGID

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ANIL JANGID (Expert)
02 November 2009 only debit not will be issue by A,if A has to take 1000 rs from B,
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
02 November 2009 Your understanding is correct. Every debit note should have a credit note of the other party so as to acknowledge the transaction.
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