CAN Excess Ecise duty paid by seller be refunded on the basis of dr note issued by buyer.My question that if seller pays excess excise duty why buyer issues DEBIT NOTE.
2 Replies
Saurabh
(ca student)
(350 Points)
Replied 27 February 2012
I am totaly puzzled tht why a buyer issues DEBIT NOTE TO SELLER IF ANYONE KNOWS PLZ PLZ REPLY
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 01 March 2012
Because the Buyer is reducing the balance payable to the seller by raising the debit note to the extent of excess ED paid. Entry wud be as follows:
Creditor A/c Dr
To- ED
In turn the seller wud issue a Cr Note to the buyer to reduce the balance receivable from the buyer. i.e Debtor
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
