why debit notes and credit notes are passed?
- 12 Answers
- 41339 Views
- IBM, TCS, I also Faced
- E-Mail Answers
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 |
Post New Answer View All Answers
What are different types of reports made in tally
in which group under we will open donation and hamali weekly payment account or ledger
what is the meaning of Processing Vendor/Employee payments
What are the benefits ofparticipation in a depository?
define holding company,public company, if the compnay be a public company what will the criteria? asked on 30/7/09
What will your outlook towards maintenance of liquid assets to ensure that the firm has adequate cash in hand to meet its obligations at all times
What is Free Cash?
last date of tds deposit yearly,tds proforma challan
which Electrical items is Exciseible
what is dieerence between capital cpapital structure
What is the Branch Accountant Responsbilities ?
Is TDS applicable to Voice Over IP(VOIP) service to an India VOIP service provider? please provide the related acts and case studies.
Since the interest rates on fixed deposits are very low as compared to the other growth oriented investment options, what are the permitted investment options that a public trust like that of a private school or small credit societies have and which are permitted by charity commissioner, Mumbai
1) why rbi charges more interest rate in d form of repo while borrowing from commercial banks, and lends at a lower interest rate(reverse repo) to d commercial banks? 2) Do cooperative banks need to maintain policy rates with rbi? 3) why rbi does'nt pay any interest rate on CRR?
Expand-------URM
