Interested to Buy Any Domain ? << Click Here >> for more details...
what is the difference between credit and debit note?
- 55 Answers
- 208614 Views
- Accenture, FMCG, Private, Redson, TATA, I also Faced
- E-Mail Answers
Answer Posted / omnidhi
To debit the party, issue debit note or, other wise
for example
Entry 4 credit purchase:
Purhase A/C Dr. 100
To Party A/C 100
In above entry we had credit the party with purchase amount
(100). which shows that we have to make pyt to party but by
mistake if we make less pyt to party THAN we have to
further credit to the party with balance amt, in such
circumstaces we have to issue credit not of balancing or we
have to obtain debit note from saller of balancing amt.
And seller and purchser both can issue both the notes. it
is not necessary that only purchaser can issue debit or
credit note even seller can issue both the notes as per
requirment.
| Is This Answer Correct ? | 3 Yes | 1 No |
Post New Answer View All Answers
What do you mean by Adjustment
how we could adj. the entries of prop. & firm in merging time
If its is declared by auditor that business is not going concern that what journal entry will be pass?
Accounting related interview questions on ibm
For what purpose ERS is used for?
A sample book on interviews is ready for free circulation with 7 chapters i.e Journal entries helpful for various occassions,Terminology,Abbreviations,Test your terminology,Multiple answers, Fill in blanks and Income tax send your requisition for Free Book Immediately to satyaki_raju@yahoo.co.in
how to pass journal entry or where to show forein transaction reserv in Bal sheet. pls explain basic
Straight line method to using Indian company names
what are the models of valuation of the company
is there any chance for confilcts between an accountant and a sales executive ? If yes how do you resolve the same as an accountant ?
How many types we are received funds in business purpose
EXPAND___________INMA
What is discounting accounting and why depriciation of assets are mention in dicounting accounting?
How does the accounting treatment of a partner's salary differ from that of an employee's salary in a partnership?
From the following find out a. Profit Volume ratio b. Break even point c. Sales for 40% P/V Ratio d. Margin of safety from the sales Rs 3,00,000 e. Net profit from the sales of Rs 3,00,000 f. Required sales for the new profit of Rs 70,000 g. Required sales for the net profit of Rs 70,,000 after tax, the corporate income tax being 40% h. Additional sales required to convert an increase of Rs 3000 p.a. in the sales manager salary Sale 2,00,000 Variable Overheads 1,50,000 Profit 50000 Fixed overheads 15000 Net profit 35000 Sl No Heads of Account Debit Rs Credit Rs 1 Drawing and Capital 750 15,000 2 Stock as on 01.01.2009 69720 3 Bills Receivable and bills payable 1000 1180 4 Returns 300 320 5 Purchases and Sales 4500 8300 6 Wages 70 7 Discount 30 8 Salaries 200 9 Canara Bank Shares 3000 10 Insurance 120 11 Building 3000 12 Furniture 700 13 Debtors and Creditors 600 1300 14 Cash in Hand 470 15 Overdraft at bank 900
