what is mean by credit note and debit note?

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what is mean by credit note and debit note?..

Answer / satish

The Nate Preparing At The Time Of Purchase Return Or Sales
Written Is Known As Debit Or Credit Note.

When Goods Are Return With Some Of Reason, The
Acknoledgement Made For Debit Or Credit Of Return Goods Or
Funds Against That Perticular Transaction Is Known As Debit
Or Credit Note.

Is This Answer Correct ?    17 Yes 4 No

what is mean by credit note and debit note?..

Answer / avas vikesh colony rishikesh

Credit not mean sales return and Debit not mean Purchases
return

Is This Answer Correct ?    17 Yes 5 No

what is mean by credit note and debit note?..

Answer / pauline

a debit note -this is a source document that is used to
correct an undercharge from sales of goods.
a credit note- it is a source document used to correct an
overcharge from sales of goods.

Is This Answer Correct ?    10 Yes 4 No

what is mean by credit note and debit note?..

Answer / ramkumar

For Credit note: When the time of Sales returns from
customer we are giving one note, it is indicating that your
account has been credited in our accounting books.

For debit note: for purchase returns,,,,,,,,,

and also used for rate differences.

Is This Answer Correct ?    12 Yes 7 No

what is mean by credit note and debit note?..

Answer / tawfeeq yousuf

When the purchaser returns the goods to the seller the
Purchaser sends a Debit Note to the seller (ie. the
purchaser debits the seller in his books ie. Purchasers
Books) and the Seller sends a Credit Note to the purchaser
(ie. the seller credits the Purchaser in his Books ie.
Sellers Books).


Following are the JVs to be passed:-
Sales Return inward A/c Dr.
To Debtor A/c
(Being goods returned by the customer)


Creditor A/c Dr.
To Goods Return A/c
(Being goods sent back to the seller)

Is This Answer Correct ?    4 Yes 0 No

what is mean by credit note and debit note?..

Answer / shafiullah

credit note
A form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.

A credit note is issued in various situations to correct a mistake, such as when (1) an invoice amount is overstated, (2) correct discount rate is not applied, (3) goods spoil within guaranty period, or (4) they do not meet the buyer's specifications and are returned. Also called credit memo.

debit note

A debit note is a bill.
You need to pay for something.

Is This Answer Correct ?    3 Yes 0 No

what is mean by credit note and debit note?..

Answer / knj

A Debit Note or Credit Note is a subsidiary document which
is prepared by an organisation for debiting or crediting
afterwards its debtors'/creditors' A/c after issuing the
main document of sale or purchase. It may be against Rate
Difference,for some additional charges or levies,for
reimbusing an amount which has been expended by the
debtor/creditor on behalf of that organisation. In other
words it may be defined as an subsidiary document which
takes place for debiting/crediting the concerned
debtor/creditor after the main document for transaction has
already been issued.

Is This Answer Correct ?    4 Yes 2 No

what is mean by credit note and debit note?..

Answer / srikanthreddy

Debit note: A debit note is prepared by buyer ,when the goods are returned to the supplier, a debit note is sent to him indicating that his a/c has been debited with the amount mentioned reasons in the debit note.
Journal Entry-:
party a/c dr
to Purchase returns
Credit note: A Credit note is document it is prepared by the seller to inform the buyer that his account has been credited with the amount mention and for the reasons stated therein.
Journal Entry- Sales returns/c dc
to Party

Is This Answer Correct ?    1 Yes 0 No

what is mean by credit note and debit note?..

Answer / rajesh .c.

Credit Note is the document prepared by one organisation to
inform their debtors that they have credited an amount in
debtors account for reasons mentioned in the document.

Debit Note is the document prepared by one organisation to
inform their Creditors that they have debited an amount in
Creditors account for reasons mentioned in the document.

Is This Answer Correct ?    3 Yes 4 No

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