what is the difference between credit and debit note?
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Answer Posted / spsiva.mba
Debit Note:When goods are recived from the supplier, the
supplier account is credited.When goods are returned the
supplier account is debited, so in case of purchase returns
a debit note is prepared. It should contain all the details
of purchase returns.Generally a debit note will be made in
duplicate, one will be sent to the customer and other will
be kept as office copy.
Credit Note: It is a statement sent by theen seller to his
customer intimating that, his account has been credited
with the amount of goods return by him or any other
allowences granted to him.
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