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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 10:05

8

Answers (5)

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


Suraj Lakhotia

Suraj Lakhotia

Admin

17-Nov-20 10:09

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


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

17-Nov-20 10:13

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

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


Suraj Lakhotia

Suraj Lakhotia

Admin

17-Nov-20 10:14

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?


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

17-Nov-20 10:31

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