what is the journal entries of a debit/credit notes in the
books of seller and purchaser's A/C.
Answers were Sorted based on User's Feedback
Answer / rajinder dhawan
Credit Note: Seller
( E.g) When we give any discount or sale return )
Discount Allowed/Sale Return xxxx ( Dr)
to Party Account xxxxx ( Cr)
Debit Note : Purchaser
( E.g When he received discount / purchase retrun to seller)
Party Account xxxxxx ( Dr)
to Discount Received/Purchase retunr xxxxx( Cr)
Is This Answer Correct ? | 122 Yes | 13 No |
Answer / rdiyewar
IN THE BOOKS OF SELLER :-
debit note :-
by party a/c debit ----xxx
to sales a/c--------------xxx
to vat a/c---------------xxx
credit note:-
BY SALES A/C debit -----XXX
BY VAT A/C DEBIT -----XXX
TO PARTY A/C CR--------------XXX
in the books of purchaser the journal entry opposite
Is This Answer Correct ? | 97 Yes | 30 No |
Answer / sridharan.v
IN THE BOOKS OF SELLER :-
Debitnote :-
party a/c Dr xxx
To sales a/c xxx
To vat a/c xxx
(Vat payable)
Creditnote:-
Sales A/C Dr XXX
VatA/C Dr XXX
(Vat Receivable)
TO partyA/C XXX
(Inthe books of purchaser the journal entry is just
opposite to the seller)
Is This Answer Correct ? | 33 Yes | 6 No |
Answer / aslam
Credit note:
Debit Sales a/c
and Credit party's a/c
Debit note:
Debit party's a/c
And Credit the sales a/c
Is This Answer Correct ? | 28 Yes | 11 No |
Answer / jitendra b jagtap
1) This debit not entry purchas account debit and vat
accounts credit. this entry in debit side.
2)This credit not entry seller account credit and vat
account debit entry.
Is This Answer Correct ? | 22 Yes | 5 No |
Answer / revanth
debit note will issue when purchase returns
hence
party A/c (creditor) debit
to purchase returns A/c
credit note will issue when sales return hence
sales returns A/c debit
party a/c (debtor)
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / kuldeep
debit note books of seller.
party a/c dr.
to Exps. a/c
Is This Answer Correct ? | 25 Yes | 30 No |
What is Total Expenditure?
Short Answer on __________Revenue
Expand ________GATE
Revenue from sale of products is generally realized in the period in which 1.Cash is collected 2.When sale is made
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