what is a JOURNAL ENTRIES FOR ISSUING A dabit NOTE
- 10 Answers
- 15147 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / rajesh
Hai rao, dont give the wrong answer.they are asking about
debit note your are given for credit note.Debit Note means
any purchase materials sent back to supplier we have to
raise the debit note.
1) DR XXX Party name
Cr Purchase Return XXX
This is the Debit note.
| Is This Answer Correct ? | 56 Yes | 0 No |
Answer / a.r.somesh
Dear Friends,
Kindly note Debit Note stands for Purchase Returns, and
Credit Note stands for Sales Return.
It is to be noted, Debit Note and Credit NOte will be
passed not only for Purchase Returns or Sales Returns, but
also for party adjustments like Discount allowed or
discount received and any other non-cash transactions.
Kindly correct me, if I am wrong.
Thanks.
| Is This Answer Correct ? | 20 Yes | 3 No |
Answer / rajesh kumar soni
Debit note is necessary in two condition which is given
below-
1- In the case of purchase return
2- In the case of interest receviable
1-
Party's A/c Dr. -----
To Purchase return -----
2-
Party's A/c Dr. -----
To Interest receviable ----
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / shabd kumar choudhary
rajesh answer is correct.
party a/c.dr.
purchase return credit.
when we are preparing trading & profit @ loss a/c. then
purchase return should be deducted from purchase
dear friends dont mix up credit note for debit note
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / satyaki_raju@yahoo.com
Shoukath bai dont ever try to confirm the others answer.
You can also try to give an impressive answer.That will
help you to revise the thing
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / ganesh
dear rao, you have given entry for a credit note not for
debit, but ur enty is right incase of sales return.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / kanniya
what is the entry for Debit note issued by me...........?????????
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / bharathi
debit note is issued by a customer to a supplier when good
sent back to customer for requesting credit note.or part
adjument.
part a/c dr
to purchase a/c cr.
credit note is issued by a supplier to a customer for
confirmation of good received.
sales a/c dr.
to party a/c cr.
| Is This Answer Correct ? | 0 Yes | 0 No |
Debit note is issued by seller to purchaser for sales
returns
sale returns a/c. dr
to name of the party
| Is This Answer Correct ? | 19 Yes | 24 No |
what is the differance bet ween Bill and invoice?
If we spend a sum of Rs.10 Lacs towards Processing and Upfront fee for obtaining working capital term loan. can we treat this amount as a deferred revenue expenditure or not
What is TDS?
details about capital market and derivatives
What is the working formula for Working Capital Turnover
EXPAND___________MITI
what is GL Balance
what is the difference between debenture and shares
can you tell me how to calculate it in payrool
what is ERP packages?
what is organic profit? and how it is calculated?
what are the aspects an auditor has to see when he/she is doing the Purchase,Sales and Journal Vouching
Audit 
