what is the difference between credit and debit note?
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Answer Posted / omnidhi
To debit the party, issue debit note or, other wise
for example
Entry 4 credit purchase:
Purhase A/C Dr. 100
To Party A/C 100
In above entry we had credit the party with purchase amount
(100). which shows that we have to make pyt to party but by
mistake if we make less pyt to party THAN we have to
further credit to the party with balance amt, in such
circumstaces we have to issue credit not of balancing or we
have to obtain debit note from saller of balancing amt.
And seller and purchser both can issue both the notes. it
is not necessary that only purchaser can issue debit or
credit note even seller can issue both the notes as per
requirment.
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