what is the difference between credit and debit note?
- 55 Answers
- 193431 Views
- Accenture, FMCG, Private, Redson, TATA, I also Faced
- E-Mail Answers
Answer Posted / c.c
"DEBIT NOTE" and "CREDIT NOTE" can be issued by either party
ie:- buyer/seller (in credit terms/invoicing).
"DEBIT NOTE" is purposely to make adjustment to those understated of the "FIGURE" in the past invoices. Therefore, it is to ADD-ON the balances.
1 ) DR DEBTORS CR SALES
2 ) DR PURCHASES CR CREDITORS
"CREDIT NOTE" is purposely to records any of the goods returned. Therefore, it is to DEDUCT the balances due in the account.
1 ) DR SALES CR DEBTORS
2 ) DR CREDITORS CR PURCHASES
Hope that this could help you out!
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Expand-------ASRT
what is composition vat
If someone knows about the test pattern of Junior executive accounts than please share.
WHICH IS MORE RISKY TO A BANKER, A CASH CREDIT OR A LETTER OF CREDIT
Zee Ltd. uses material—A for the production of Product M. The safety stock of material A is 300 units; the supplier quotes a delivery delay of two or three weeks. If the company uses 500 to 800 units a week according to the activity levels, the re–order level of material–A will be A. 2300 units; B. 2400 units; C. 2700 units; D. 28 units.
can i get exact salary of clerk in SBI. and i want to know about promotion details .....
what is the main difference between nse & bse operations
hello,dear any body give me mis report format. my email :kumar_ranjeet121@yahoo.in
what are the rules and regulations of junior accountant
please give the sbi bank clerk exam paper model in last five years?
Expand---------OTMD
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
What is the Accounts Payable & Accounts Receivable ?
i am a mba fresher and i'm learning oracle finance.please give me ur valueble suggetions about my career in oracle finance? what r the requirements 2 get a good job in time?
if sale aganst c form interstate sale.when i file the return party not give me c form then give by our company wich type panelty give me detail?
