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TMI BlogACCOUNTING FOR CREDIT NOTEX X X X Extracts X X X X X X X X Extracts X X X X ..... 33 A Pvt. Ltd. Co. made sale of its products to Foreign Co. Such foreign Co. found short quantity of material. Accordingly, it issued us debit note towards material short received by it. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It also debited our account towards duty and handling charges borne by it on same. As far as, value of material s concerned, same shall be credited by us in sales return account. Query is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 In which account we should credit the party for such duty and handling charges. 2 Foreign Company given us debit note on dated 01/11/14 in respect of sale made dt. 01/07/14. Which exchange rate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should be used to calculate credit note amount i.e. whether date of sale or date of debit note issued by it or date when we issue credit note. - Reply By CA GOPALJI AGRAWAL - The Reply = The transaction would be entered on the date of issuance of credit note (deemed date of agreement of claim) on the exchange rate prevailing o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n that date. The expenses would be debited an appropriate account like damages and losses or any other caption which you consider relevant. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = Thanks for this full information Mr. Gopalji Agrawal. - ACCOUNTING FOR CREDIT NOTE - Query Started By: - S.C. WADHWA Dated:- 24-11-2014 Accounting - Auditing - Got 2 Replies - Companies Law - Discussion Foru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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