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Categories >> Accounting >> Accounting AllOther
 
 


 

 
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 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4370)
Question
why debit notes and credit notes are passed?
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
As we know we carry on business and recording transaction
which mainly inculde sales and purchases we make.
So the debit note is raised when we return the good which
we have purchased , and credit note is raised when we
receive the goods which may be damaged in trasit by the
customer, when sales are made.

so in simple, debit note is one for return the goods when
purchased, and credit is one for receiving the goods from
the customer for which we have sold
 
Is This Answer Correct ?    66 Yes 21 No
Kutti
 
Answer
# 2
When we purchase any item or thing in company or others,
then we check the bill quantity & amount, with actual rece.
material. If we find any difference in that than we passed
debit notes or credit notes. We check the bill rate with
Purchase order rate and when we found any difference than
we make debit note or credit note
 
Is This Answer Correct ?    42 Yes 6 No
Umesh Tayal
 
 
 
Answer
# 3
Sales return is called credit note while purchase return is
called debit note.

When purchase's are return debit note is passed and when
sale's are returned credit note is passed
 
Is This Answer Correct ?    30 Yes 11 No
Anamika Nigam
 
Answer
# 4
Debit Note:debit note means purchase returns.

we made some Purchases for business in that time some
dameges was happend for that we raise debit note to
supplier.

Credit Note:Credit note means sales returns.

We sold some goods to the client,some goods return the
client because of some reasons for that client raise the
one bill its called credit note.

entries effect in trading account.
this is the entries

Debit note = Purchases - purchase returns(Purchase return
means debit note)
eg:
purchase - 100000
purchase returns - 10000(we raised a debit not for 10000)
NOw
purchase A/C dr - 100000
to bank A/C - 90000
to purchase returns - 10000.

Credit note:Sales - sales returns(what amount we received
from client)
eg:
sales - 200000
sales returns - 20000 (what amount we received from
client)
now entry

sales A/c dr - 200000
to Bank A/c - 180000
to sales retuns - 20000

regards,
mahesh(mahe_vmb@yahoo.co.in)
 
Is This Answer Correct ?    27 Yes 17 No
Mahesh
 
Answer
# 5
Debit note mainly realeted to purchase of goods. If some
material becomes daimege in transist, We pass a debit note
to party's name.

We, by any couses if the material becomes daimege in
trasite, make a credit note to party,s name.
 
Is This Answer Correct ?    5 Yes 0 No
Abhishek Sharma
 
Answer
# 6
A transaction that reduces Amounts Receivable from a
customer is a credit memo. For eg. The customer could return
damaged goods. A debit memo is a transaction that reduces
Amounts Payable to a vendor because, you send damaged goods
back to your vendor.
 
Is This Answer Correct ?    10 Yes 8 No
Mustafa
 
Answer
# 7
Debit note & credit note Only the name referred all the meaning then why u guys want to what is debit note & credit note.
Debit note means returns such good from debtors & he is making the debit note & Credit note means return such goods from creditors & he is making credit note ....
for e.g. pls see ans no.5 example...
 
Is This Answer Correct ?    1 Yes 0 No
Mac
 
Answer
# 8
hi dears
Debit note is a memo which tell us the purchase return,that
these are the damages.
we made some Purchases for business in that time some
dameges was happend for that we raise debit note to
supplier.

Credit note is related to sales return.
We sold some goods to the client,some goods return the
client because of some reasons for that client raise the
one bill its called credit note.
 
Is This Answer Correct ?    1 Yes 0 No
Izhar Ullah M.com
 
Answer
# 9
Answer = 5 
Is This Answer Correct ?    2 Yes 2 No
Vinuraja
 
Answer
# 10
Answer no.5 
Is This Answer Correct ?    1 Yes 1 No
Devyani
 

 
 
 
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