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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Taxation interview questions  Taxation Interview Questions (1904)
 Accounting General interview questions  Accounting General Interview Questions (2830)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
what is the journal entries of a debit/credit  notes in the
books of seller and purchaser's A/C.
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Credit Note: Seller

( E.g) When we give any discount or sale return )

Discount Allowed/Sale Return xxxx ( Dr)

to Party Account xxxxx ( Cr)


Debit Note : Purchaser

( E.g When he received discount / purchase retrun to seller)

Party Account xxxxxx ( Dr)

to Discount Received/Purchase retunr xxxxx( Cr)
 
Is This Answer Correct ?    72 Yes 6 No
Rajinder Dhawan
 
Answer
# 2
IN THE BOOKS OF SELLER :-
debit note :-
by party a/c debit ----xxx
to sales a/c--------------xxx
to vat a/c---------------xxx

credit note:-
BY SALES A/C debit -----XXX
BY VAT A/C DEBIT -----XXX
TO PARTY A/C CR--------------XXX
in the books of purchaser the journal entry opposite
 
Is This Answer Correct ?    77 Yes 21 No
Rdiyewar
 
 
 
Answer
# 3
IN THE BOOKS OF SELLER :-

Debitnote :-

party a/c Dr xxx
To sales a/c xxx
To vat a/c xxx
(Vat payable)
Creditnote:-

Sales A/C Dr XXX
VatA/C Dr XXX
(Vat Receivable)
TO partyA/C XXX
(Inthe books of purchaser the journal entry is just
opposite to the seller)
 
Is This Answer Correct ?    26 Yes 5 No
Sridharan.v
 
Answer
# 4
Credit note:

Debit Sales a/c

and Credit party's a/c

Debit note:

Debit party's a/c
And Credit the sales a/c
 
Is This Answer Correct ?    20 Yes 6 No
Aslam
 
Answer
# 5
1) This debit not entry purchas account debit and vat
accounts credit. this entry in debit side.

2)This credit not entry seller account credit and vat
account debit entry.
 
Is This Answer Correct ?    14 Yes 3 No
Jitendra B Jagtap
 
Answer
# 6
debit revenue
credit Receivable
 
Is This Answer Correct ?    6 Yes 2 No
Jane
 
Answer
# 7
debit note books of seller.

party a/c dr.
to Exps. a/c
 
Is This Answer Correct ?    21 Yes 20 No
Kuldeep
 

 
 
 
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