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what is the difference between credit and debit note?
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Answer Posted / s.v.bhaskar
SIMPLE ANSWER:
DEBIT NOTE IS "PURCHASE RETURNS"
EXP:AtoZ GEN STR. Purchased some material from XYZ STRS through transport then material received after verification of the weightless and packing the goods is some small damages.Hence the goods returned to XYZ STRS., and raised the DEBIT note(some above reasons).
i.e., ENTRY IS 1.AtoZ GEN.STR(PURCHASE A/C.) DR.
To XYZ STRS CR
(BEING MATERIAL PURCHASE MADE)
2.XYZ STRS (PUR. RETURNS A/C.) DR
To AtoZ str(PURCHASE A/C.) CR.
(BEING MATERIAL RETURNED)
CREDIT NOTE IS SALES RETURNS:
EXP:AtoZ GEN STR. material sale to S.V.BHASKAR through transport then material received after verification of the Mmaterial weightless and packing the goods is some small damages.Hence the goods returned to the AtoZ STRS., and seller(AtoZ) give the discount offer and decreased the invoice amount and raised the CREDIT note(some above reasons).
that is called CREDIT NOTE.
i.e., ENTRY IS 1.S.V.BHASKAR A/C. DR.
To AtoZ GEN STRS CR
(BEING SALE OF MATERIAL )
2.AtoZ GEN STRS A/C.) DR
To S.V.BHASKAR (SALES RETURNS) CR.
(BEING CREDIT NOTE RAISED FOR DISCOUNT AMOUNT OR MATERIAL AMOUNT DECREASED)
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