Question { Sai Softech, 5845 }

how to prepare a MIS report

Answer

MIS : Management Information System,
MIS is use by the organizations for collect required data reports and information which help in better decision making.
MIS Reports : Which reports provide to management for analyses business performance, they called MIS reports. like Inventory Report, Sale Report and Individual performance etc.

Question { 2658 }

what is shares buy back And Stock plit.

Answer

Split Share:- A company will usually decide to split its stock if the price of the stock gets very high. High stock prices are problematic for companies because they make it seem as though the stock is too expensive.

Buy Back:- Companies may decide to repurchase stock for many reasons. They may be attempting to improve the price to earnings ratio by reducing market capitalization, or they may want to offer the stock as an incentive to employees . It's important to note that when a company's shareholders vote to authorize a buyback, they aren't obliged to actually undertake the buyback. Some companies announce buyback plans as a sign of confidence, but it's meaningless unless they actually go through with the repurchase.

Question { 13556 }

Please anybody explain me debit note & credit note & their
importance in accounts?

Answer

Debit note is a note sent by one party to another informing him that his account is debited in the sender's book.

e.g. P (Purchaser) Purchased goods from S (Seller)

Books of P Books Of S
Purchase A/c Dr.

To S A/c

(Being goods purchased)

P A/c Dr.

To Sale A/c

(Being goods sold)

P --------> sends a debit note to S (for receiving damaged material)

Books Of P Books Of S
S A/c Dr.

To purchase return A/c

(being goods returned)

Sales return A/c Dr.

To P A/c

(being goods returned)

When the P returns the goods to the S. P sends a Debit Note to the S (ie. the P debits the S in his books ie. P's Books) and the S sends a Credit Note to the P (ie. the s credits the P in his Books ie. S's Books).

Credit note is a note sent by one party to another informing him that his account is credited in the sender's book.

When Debit Note is sent?

1. Debit note can be sent by buyer when he is overcharged.

2. It can be sent by buyer when he returns back the goods.

3. It can be sent by the seller when he has undercharged the buyer.

When Credit Note is sent?

1. Credit note can be sent by the seller when he has overcharged the buyer.

2. It can be sent by the seller when he receives back the goods.

3. It can be sent by buyer when he has been undercharged.

Another Example:-

Debit Note - When x issues debit note to y, y has to pay money to x. In the books of x, y is debited.

Example: x sells Goods worth Rs 100 to y. But later x realises that he has charged Rs 15 less by mistake. So x issues a debit note to y. y has to pay Rs 115.

Credit Note - When x issues credit note to y, y has to get money from x. In the books of x, y is credited.

Example: x sells Goods worth Rs 100 to y. But later x agrees to a discount of Rs 15 . So x issues a credit note to y. y has to pay Rs 85.