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WHAT IS A CREDIT NOTE AND DEBIT NOTE IN RESPECT TO A
TRADING COMPANY?
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Answer / gunjan thakur
. 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 ? | 5 Yes | 0 No |
debit note means when goods return by sr. debtors due to
some reason e.g. damage goods etc. and credit note means
when goods return to supplier.
| Is This Answer Correct ? | 1 Yes | 2 No |
Answer / p.sheshu kumar
debit note means sales retursn
credit note means purchase returns
| Is This Answer Correct ? | 2 Yes | 6 No |
purchase of Rs 1000 were rejected and returned,however vendor returned Rs 800 and balance Rs 200 is charged to sundry exp A/c
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