what is the difference between credit and debit note?
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Answer / sahana
Credit note is the document prepared by the supplier and
given to the customer incase of expecting the sales return,
customer account will be credited and the supplier account
will be debited
Sales returna/c dr
customer a/c
Debit note issued by the customer for the purchase return
to the supplier incase he wants to return or replace the
product for the poor quality.
customer a/c dr
purchase return a/c
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / rajesh kumar verma
credit note means
credit note is issued by the trader to the person who
return the goods just informing him his a/c must be
credited for the value of the goods return by him
debit note means
the trader return the goods to the supplier and should
prepare a debit note his a/c must be debited for goods
returned.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / haragopal naidu
Debit Note or Debit Memo is one which debits to the Account
of either a Supplier(Creditor) or Customer(Debtor.
Credit Note or Credit Memo is one which credits to the
Account of either a Supplier(Creditor) or Customer(Debtor.
Debit Note and Credit Note can be used Supplier Accounts as
well as Cutoers Accounts as per the requirement.
There is nothing like Debit Notes are to be used only for
Supplier Accounts & Credit Notes are to be used only for
Cutomers Accounts
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / 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.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / rajesh sawant
credit note is used by supplier and debit note used by
purchaser
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / lettie
when we buy goods from suppliers our accont is credited so
if we return the goods or when we have been overcharged by
the supplier our account will be debited and a debit note
will be issued to us
when someone buys goods from us we debit his account so
when he returns the goods to us whether faulty or they are
more than what he ordered we credit his account and that is
when a credit note is issued to him
| Is This Answer Correct ? | 14 Yes | 13 No |
Answer / prabhu
Credit note is issued by supplier in respect of Purchaser
account has been credited in books, whereas debit note is a
note issued by purchaser to supplier in respect of supplier
account has been debited in books.
| Is This Answer Correct ? | 10 Yes | 9 No |
Answer / rajareddy
when we purchased goods from supplier some times get goods
damage that time we have to return damage goods to supplier
so we pause entry of credit note. this is called purchase
returns. sale returns called debit note
rajareddy
bangalore
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / extraordinary
Debit Note is sent by a customer to a supplier and credit note is sent by a supplier to a customer for faulty good, overcharge on the invoice etc..
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sushil
When sales is made, the customer account is debited and
subsequently there is a sales return, the customer account
is credited. So credit note implies sales return.
Same for purhases, customer account is debited on purchase
return. So debit note is raised for purchase returns.
| Is This Answer Correct ? | 1 Yes | 0 No |
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