what is the difference between credit and debit note?
Answer Posted / s.v.bhaskar
SIMPLE ANSWER:
DEBIT NOTE IS "PURCHASE RETURNS"
EXP:AtoZ GEN STR. Purchased some material from XYZ STRS through transport then material received after verification of the weightless and packing the goods is some small damages.Hence the goods returned to XYZ STRS., and raised the DEBIT note(some above reasons).
i.e., ENTRY IS 1.AtoZ GEN.STR(PURCHASE A/C.) DR.
To XYZ STRS CR
(BEING MATERIAL PURCHASE MADE)
2.XYZ STRS (PUR. RETURNS A/C.) DR
To AtoZ str(PURCHASE A/C.) CR.
(BEING MATERIAL RETURNED)
CREDIT NOTE IS SALES RETURNS:
EXP:AtoZ GEN STR. material sale to S.V.BHASKAR through transport then material received after verification of the Mmaterial weightless and packing the goods is some small damages.Hence the goods returned to the AtoZ STRS., and seller(AtoZ) give the discount offer and decreased the invoice amount and raised the CREDIT note(some above reasons).
that is called CREDIT NOTE.
i.e., ENTRY IS 1.S.V.BHASKAR A/C. DR.
To AtoZ GEN STRS CR
(BEING SALE OF MATERIAL )
2.AtoZ GEN STRS A/C.) DR
To S.V.BHASKAR (SALES RETURNS) CR.
(BEING CREDIT NOTE RAISED FOR DISCOUNT AMOUNT OR MATERIAL AMOUNT DECREASED)
Is This Answer Correct ? | 0 Yes | 1 No |
Post New Answer View All Answers
how can make configration related with electronic bank statment and how can i upload bank statment to system
What is the New GL concept? how do you configure new GL a/c?
• What is depreciation and the method?
How good are you at Finance?
explain the difference between LIFO and FIFO?
which Electrical items is Exciseible
Expand BFSI
is indian bank or canara bank CBS brach?
what is automatic payment in sap fico
how Mis reports are used?n why it is used ? explain
what is purchase consideration?
What is the mening of uidnvhe.?
why specifically inited states ?
Short Answer on _________Commerce
While we are bringing our machinery items to factory through a vehicle from other state to Andhra pradesh, is this correct to send our own state way bill along with the other state way bill.