what is debit note entry ?
- 4 Answers
- 24439 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / raghunath
We place the order to supplier to supply the goods on the
basis of Credit Purchase. due to this supplier send the
goods to us by Transport. We received the consignment and
found some difficulties that wrongly despatched unwanted
goods and broken like that. in this circumstances we
returned the damaged/unwanted goods to supplier along with
Debit Note. Debit Note amount represents fully or partly
depends upon the returned goods value.
Example: We purchase the goods on credit basis, asper
invoice. value Rs.5200/- including 4% Vat(5000*4%) and then
we return the goods to supplier value of Rs.2000/-. We
pass the necessery entry in our books.
Purchase Entry:
Purchase A/c Dr 5000.00
input Vat A/c Dr 200.00
Supplier A/c Cr 5200.00
Debit Note Entry:
Supplier A/c Dr.2080.00
Purchase Return. A/c cr. 2000.00
Input Vat A/c cr. 80.00
| Is This Answer Correct ? | 47 Yes | 8 No |
Answer / rajesh
When we purchase the goods we will credit the party. Same
when we return the purchase materials to the party we will
give the debit note.
1)Purchase entry
Cr XXX 1000
DR Purchse 1000
2) Debit note Enry
Dr XXX 300
CR Purchase 300
| Is This Answer Correct ? | 41 Yes | 9 No |
Debit note entry will be passed to reduce the due amount
which happend thru credit purchase of materials or goods.
By passing debit note entry means reducing the due as well
as purchase value of the materials
| Is This Answer Correct ? | 21 Yes | 3 No |
Answer / thomas
Purchase Entry:
DR Inventory = 5400
CR Supplier = 5400
Debit Note Entry:
Dr Supplier = 2080
CR Inventory = 2080
| Is This Answer Correct ? | 2 Yes | 1 No |
when is real ,nominal, & personal a/c's used
ABC Ltd. firm has a sales of Rs.6 crores, Variable cost Rs. 3.5 crores and Fixed cost of Rs. 0.65 crores. The firm has debt and equity resources worth of Rs.7 crores and 10 crores respectively. With the data given show : (i) The firm’s ROI. (ii) EBIT if sales decline to Rs.4 crores. (iii) If the industry’s assets turnover is 4 times, does the firm has high or low asset turnover? The cost of debt is 12%. Ignore taxation.
What is account? What is finance? What do you mean by finance and accounts?
circumstances in dissolution of solvent and insolvent partner in garner v/s murray rule
what do u mean by comparative budget?
what is the distinction between Bill of Exchange and a Cheque
Chq of Rs- 50000 recived from sunil Traders
5 Answers Aventis Electronics,
is 'loan' categorized as billpayable?explain
differences between liabilities and assessts
Answered but misspelled pl correct RS.180000/-IS THE INCOME EXEMPTION LIMIT FOR (ANS.NEWMO)
please send me last 3 years question & solution
0 Answers State Bank Of India SBI,
How to calculate turnover of a company?
Audit 
