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Answer Posted / raghunath
We place the order to supplier to supply the goods on the
basis of Credit Purchase. due to this supplier send the
goods to us by Transport. We received the consignment and
found some difficulties that wrongly despatched unwanted
goods and broken like that. in this circumstances we
returned the damaged/unwanted goods to supplier along with
Debit Note. Debit Note amount represents fully or partly
depends upon the returned goods value.
Example: We purchase the goods on credit basis, asper
invoice. value Rs.5200/- including 4% Vat(5000*4%) and then
we return the goods to supplier value of Rs.2000/-. We
pass the necessery entry in our books.
Purchase Entry:
Purchase A/c Dr 5000.00
input Vat A/c Dr 200.00
Supplier A/c Cr 5200.00
Debit Note Entry:
Supplier A/c Dr.2080.00
Purchase Return. A/c cr. 2000.00
Input Vat A/c cr. 80.00
| Is This Answer Correct ? | 47 Yes | 8 No |
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