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why debit notes and credit notes are passed?
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Answer Posted / mahesh
Debit Note:debit note means purchase returns.
we made some Purchases for business in that time some
dameges was happend for that we raise debit note to
supplier.
Credit Note:Credit note means sales returns.
We sold some goods to the client,some goods return the
client because of some reasons for that client raise the
one bill its called credit note.
entries effect in trading account.
this is the entries
Debit note = Purchases - purchase returns(Purchase return
means debit note)
eg:
purchase - 100000
purchase returns - 10000(we raised a debit not for 10000)
NOw
purchase A/C dr - 100000
to bank A/C - 90000
to purchase returns - 10000.
Credit note:Sales - sales returns(what amount we received
from client)
eg:
sales - 200000
sales returns - 20000 (what amount we received from
client)
now entry
sales A/c dr - 200000
to Bank A/c - 180000
to sales retuns - 20000
regards,
mahesh(mahe_vmb@yahoo.co.in)
| Is This Answer Correct ? | 27 Yes | 22 No |
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