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What is Debit Note & Credit Note?
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Answer / joginder singh
. A transaction that reduces Amounts Receivable from a
customer is a credit memo.For eg. The customer could return
damaged goods.
A debit memo is a transaction that reduces Amounts Payable
to a vendor because, you send damaged goods back to your
vendor
| Is This Answer Correct ? | 17 Yes | 1 No |
Debit Note - this note is prepared in order to debit a creditor.
Credit Note - this note is prepared in order to credit a debtor.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / raju
debit mean -the good sent to the suplier when it is damaged the good on the transport or excess of good then call as debit
| Is This Answer Correct ? | 0 Yes | 1 No |
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Company A has purchased goods worth Rs. 25000 from company B and made the cash payment of Rs 5000 and remaining will be payable with in 30 days. Assume that there is a late payment charge @ 2% on remaining amount as the invoice was received after due date from company B. Pass the journal entry in the books of company A for all the above transactions.
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