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Business Case : ABC Company gives Machine to Dealers on Hire Purchase Model worth price Rs 150000, Dealer pays advance of 50000, and pays monthly installment of Rs3000 per month. The advance Dealer pays to ABC company can only be recognized from date the machine is installed, and will be amortized ...

To Summarize

In AR
Debit Memo increases customer balance
Credit Memo decreases customer balance

In AP there are 3 cases
1) We generate a Debit memo to supplier, then supplier balance decreases
2) We make an entry of Credit Memo sent to us by supplier, then again supplier balance decreases
3) We ...