what is the difference between credit and debit note?
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Answer / c.c
"DEBIT NOTE" and "CREDIT NOTE" can be issued by either party
ie:- buyer/seller (in credit terms/invoicing).
"DEBIT NOTE" is purposely to make adjustment to those understated of the "FIGURE" in the past invoices. Therefore, it is to ADD-ON the balances.
1 ) DR DEBTORS CR SALES
2 ) DR PURCHASES CR CREDITORS
"CREDIT NOTE" is purposely to records any of the goods returned. Therefore, it is to DEDUCT the balances due in the account.
1 ) DR SALES CR DEBTORS
2 ) DR CREDITORS CR PURCHASES
Hope that this could help you out!
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Answer / yoonus
A document used by a purchaser to inform a vendor of the quantity and dollar amount of goods being returned, and requesting that the dollar amount be returned to the purchaser. A debit note is often used to return goods on credit. The vendor then issues a credit note to the purchaser indicating that the goods have been received, and that the purchaser will not have to pay for them.
Also known as a "debit memo".
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Answer / bryan dantis
Credit Note:
When our Debtors (Customers) return the goods which we had sold to them, We issue Credit Note to them to show that the Debtors account is credited in our books.
Debit Note:
When We return the goods to our Suppliers (Creditors) which we had purchased from them, we issue debit Note to them to show that the Creditors account is debited in our books.
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Answer / owais ul manzoor
A debit is a document or form of letter which is issued by the purchaser to seller for return of goods that the quantity of goods is not good or dollar amount is too much.
Credit note is issed by the vendor to the purchaser that the goods have been received.
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Answer / k.hanumanth reddy / accountan
In Accounts we will tell debit note means If any materials Purchased on that if you found any Damage are Shortage at the Time we will Rise the Debit Note from the Supplier (whatever QT Shortage )
Credit :- In Accounts Credit note Given by supplier to the Receiver Purchaser
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Answer / pascal mefinya
Debit note is sent by the supplier to customer to adjust
(increase the value)of undercharged invoice
Credit note is sent by the supplier to customer to adjust
(Decrease the value) of overcharges invoice
so both document are issued by the supplier to either
reduce or increase the value of the invoice
Debit note will be sent if for example the supplier
underpriced goods
Credit note will be sent if the Customer returned goods or
if the quality of goods is substandard and the supplier
want to encourage the buyer keep the Goods nonobstand the
quality by reducing the price
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Answer / yaa korang
When you buy something from a shop espercially with a
cheque and the shop is usually not in a position to refund
the remaining money to you possibly because they havent got
the items they will normally give you a credit note to
enable pick up the items on a later day.
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / sureshbhogi
hey guysss...........its simple
Credit note issued by the company is liability and debit
note issued by the company is an asset
and same as credit note given by others to us is asset and
debit note issued by others to us is an asset
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Answer / niraj kumar
Debit Note is a commercial document issued by the purchasing
dealer to his creditor when he returns the goods, found
damaged in transit or any other reasons . In this memo, the
party from which goods were purchased ,his account is
Debited and Purchase or Purchase Return is Credited with the
value of returning the goods.
Debit Note is also issued by the creditor or the selling
dealer to his debtor i.e. to whom he has sold goods in the
case when the price calculated for sales were too low or in
other words selling price calculated with the wrong scaled
prices.
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