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Difination of Debit & Credit note.
Journal entries of Debit & Credit note.
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Answer Posted / amit kumar tiwari
Credit Note- or credit memorandum (memo) is a commercial
document issued by a seller to a buyer. The seller usually
issues a Credit Memo for the same or lower amount than the
invoice, and then repays the money to the buyer or sets it
off against a balance due from other transactions.
Debit Note- proves that a debit entry has been made to a
debtor's or creditor's account. A customer or supplier can
be debited for variety of reasons such as purchase return,
wrong quantity or quality of product, rate difference,
discount, commission, etc.
When goods are returned to the supplier, a Debit Note is
made out of his name. But if you want to record the stock
also (in case of Purchase Return) then you must
enter 'Purchase Return' voucher 'Purchase'.
For rest of the cases (where stock is not affected) you can
prepare a Debit Note.
Debit Note
Sohan Account Dr. 5000.00
To Purchase Return Account 5000.00
(Being goods return to sohan as per debit note No………….)
Credit Note
Sales Return Account Dr. 20000
To viky 2000.00
(We receive our soled good as per credit note and enter in
credit)
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