What are a debit note and credit note with an example?
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Answer Posted / Puspendra Singh
A Debit Note is issued when the seller fails to provide an invoice at the time of sale. It states that the buyer owes the seller a certain amount. For example, if John sold 10 units of a product to Mary but forgot to issue an invoice, he can give her a debit note.nA Credit Note is issued when there's an error in the original invoice or bill (either overcharging or undercharging). It corrects the error and reduces or increases the amount due. For example, if John overcharged Mary for 10 units of a product, he would issue her a credit note.
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