Question

Write Short notes on the following:
Contents of Credit Memo:

Answer 1

Credit Memo contains the following information:
(i) Name and address of the seller, nature of business, telephone numbers, telegram, e-mail etc.
(ii) Serial number of the invoice/bill/credit memo.
(iii) Date on which document is prepared.
(iv) Name, address, e-mail of the buyer.
(v) Details regarding order placed by the buyer, its number, date, name of authorised person placing the order, etc.
(vi) Challan No. and its date.
(vii) Terms and conditions of the delivery of goods ordered.
(viii) Terms and conditions of payment.
(ix) Description of goods and quality supplied.
(x) Price per unit and total amount payable.
(xi) Service tax, sales tax, excise duty, packing, forwarding, transport charges etc. and their details.
(xii) Other details such as VAT number, declaration under VAT Act, etc.
(xiii) Signature of seller.
(xiv) Jurisdiction of the court where the dispute between the seller and the buyer can be solved.
(xv) E and O.E. i.e. Errors and Omissions Excluded.