Debit note and credit note

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When the purchaser returns the goods to the seller the Purchaser sends a Debit Note to the seller
(ie. the purchaser debits the seller in his books ie. Purchasers Books) and the Seller sends a
Credit Note to the purchaser (ie. the seller credits the Purchaser in his Books ie. Sellers Books).
Following are the JVs to be passed:- Sales Return inward A/c Dr. To Debtor A/c (Being goods
returned by the customer) Creditor A/c Dr. To Goods Return A/c (Being goods sent back to the
seller)
Read more at: http://www.caclubindia.com/forum/what-is-debit-note-and-credit-note-142660.asp#.UmqbNlOd9dg

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Debit note and credit note

1. When the purchaser returns the goods to the seller the Purchaser sends a Debit Note to the seller (ie. the purchaser debits the seller in his books ie. Purchasers Books) and the Seller sends a Credit Note to the purchaser (ie. the seller credits the Purchaser in his Books ie. Sellers Books). Following are the JVs to be passed:- Sales Return inward A/c Dr. To Debtor A/c (Being goods returned by the customer) Creditor A/c Dr. To Goods Return A/c (Being goods sent back to the seller) Read more at: http://www.caclubindia.com/forum/what-is-debit-note-and-credit-note-142660.asp#.UmqbNlOd9dg