What is Debit Note and Credit Note? Subsidory Books? Minority
Interest? Stock recording in P&L? Outstanding Expenses,
Prepaid Expenses and Examples?
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Answer Posted / Neeta Pal
Debit Note: A document issued by a seller to a buyer when the original sales invoice has been lost or damaged. Credit Note: A document issued by a seller to a buyer when there is an error in the original invoice, such as an overcharge or incorrect description of goods or services. Subsidiary Books: Additional books kept for specific purposes, such as cash books, journals, and ledgers. Minority Interest: The proportion of a company's earnings or assets attributable to non-controlling shareholders. Stock Recording in P&L: Recording of stock items (like raw materials, work-in-progress, and finished goods) in the Profit and Loss Account. Outstanding Expenses: Expenses that have been incurred but not yet paid. Prepaid Expenses: Expenses paid in advance, such as insurance premiums or rent. Examples include: An example of an outstanding expense would be unpaid salaries due to employees, while an example of a prepaid expense would be a year's worth of insurance premiums paid upfront.
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