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Why is there no mention of Debit note is P2P cycle?

(See attached) If supplies are procured/purchased and found to be defective, wont the buyer raise a debut note and return those supplies to the vendor along with debit note?

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Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

17-Nov-20

38

Answers (5)

Supplier would raise credit note. Buyer would raise debit note.


Suraj Lakhotia

Suraj Lakhotia

Admin

17-Nov-20

Suraj Lakhotia Admin

Supplier would raise credit note. Buyer would raise debit note.

Yes sir ,that is what i am talking about only. Does p2p cycle not include purchase return? Because the book talks nothing about purchase return under this topic


Thread Starter

Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

17-Nov-20

Suraj Lakhotia Admin

It includes purchase return. When you return purchases, the supplier will issue a credit note.

understood, sir. And what about the fact that I will issue a Debit Note to notify the supplier that his account i have debited his account? That (the DN) the supplier will input in his computer system and i need not recognize?


Thread Starter

Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

17-Nov-20

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