[titon132003]

Hi ! Can someone help me with this question.
How can I record a credit note?
For example :
On the 9 of June A returned 9 Cameras that original sold for $2431 each . These item costs $1890 each and were not faulty or damaged. Issued a credit note for $21879.

Thank you

[pready]

You will have to sets of entries here:

One will be for Sales Returns
Debit Sales Returns for the sales price
Credit Accounts Receivable

And the other one will be for Inventory return
Debit Inventory for cost of the merchandise
Credit Cost of Good Sold

[satyanarayanara]

The above question and answer are not clear. While returning goods to the seller the purchaser will return the goods along with a Debit Note. After receiving the returned goods the seller will pass a credit note with the amount of goods sold then the entry will be
Sales Returns a/c dr
To the party(purchaser)
(Being the purchaser credited with the value the value of goods sold)

[morgaine300]

satyanarayanara, what you just said is even less clear, and incorrect. You have a debit with no credit, and haven't include both entries required. Pready's entries are correct. And I'm not sure at all what "being the purchaser credited with the value of goods sold" means.

And a purchaser does not have to send a debit note. The not isn't necessary in order to make the entry - it just adds some paperwork for the sake of having paperwork.

[shuhada]

Once the CN approved:
Debit-Sales
Credit-CN Account Receivable

Then for the new Sales Order:
Debit-Bank
-CN Account Receivable
Credit-Account receivable