What r debit note & credit note?
1 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 04 April 2012
Debit Note is an document which is sent by an creditor to the debtor. for example, there may be some amount unrecoverable by the supplier to his creditor. In such case the creditor would issue an debit note to his supplier. in this way the balance outstanding in the books of the supplier payble to the creditor would get reduced.
in the same way the debtor would issue an credit note to his customer, stating that his acount is being credited & the balance outstanding that is receivable gets reduced.
there may also be situation where the supplier may issue an credit note to the creditor & the debtor may issue an debit note to the customer. this may be oin account of incorrect posting of the invoice amount to the respective accounts.
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
