Saturday, June 11, 2011

what is the difference between credit and debit note?

what is the difference between credit and debit note?

Answer # 1
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.

Answe r# 2
Debit Note:
When goods are received from the supplier, the supplier
account is credited. When goods are return the supplier
account is debited. In the case of purchase returns a
debitnote is prepared. It should contain all the details of
purchase returns.Debit note will be made on duplicate, one
will be sent to the customer and one will be kept as a
office copy.
Credit Note:
Credit Note is a statement sent by the seller to his
customer intimating that his account has been credited to
him and any other allowences granted to him.



Regards G.Srinivas

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