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what is the difference between credit and debit note?
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Answer / ram dayal
If we are selling goods, credit note is issued to party when
it returns our goods back (rejection due to poor quality
etc.) whereas debit note is issued by us to party when we
have incurred any extra cost while selling the goods to
them(expenses not agreed at the time of sale eg.
transportation cost etc.)
| Is This Answer Correct ? | 27 Yes | 7 No |
Answer / osama shamsi
Credit notes are issued by a Supplier when the price for a
supplybis reduced after aTax invoice was issued, for
example when faulty goods are returned. While When goods
are returned to the supplier, a debit note is made out of
his/her name.
| Is This Answer Correct ? | 21 Yes | 4 No |
Answer / bhirania
Debit note is purchases return & credit note is sales
return
| Is This Answer Correct ? | 21 Yes | 5 No |
Answer / rose
credit notes are issued when there is an overcharge(too
much has been charge),
debit notes are issued when the business has undercharged a
customer in some way(less is been charge).
| Is This Answer Correct ? | 18 Yes | 5 No |
Answer / ilampooranan
Debi note should issued to Creditors (Suppliers) and Credit
note issued to Debtors (customers)its a simple logic
| Is This Answer Correct ? | 18 Yes | 5 No |
Answer / sudheer raj
debit not means purchase return and credit not means sales
return
debit not is preppard by byuer to his supplier and credit
not is vice versa
| Is This Answer Correct ? | 20 Yes | 12 No |
Answer / vishal patel
Simply debit note is prepared by buyer and credit note is
prepared by seller.
| Is This Answer Correct ? | 15 Yes | 7 No |
Answer / prabusankar
Credit note is a memo given by seller of the goods to buyer
regarding a credit given by seller itself in his accounts
and inform to buyer
Debit note is vice-verce
| Is This Answer Correct ? | 13 Yes | 7 No |
Answer / karthik
Credit note is the note/sort of invoice giving details of
unaccepted goods offered in lieu of actual payment on
exports done to the buyer. This is issued by the buyer.
Debit note is the note issued by the supplier for
unaccepted portion of the goods to the buyer. This is
issued by the supplier.
| Is This Answer Correct ? | 38 Yes | 34 No |
Answer / suraj
credit note means
credit note is issued by the trader to the person who
return the goods just informing him his a/c must be
credited for the value of the goods return by him
debit note means
the trader return the goods to the supplier and should
prepare a debit note his a/c must be debited for goods
returned.
| Is This Answer Correct ? | 6 Yes | 2 No |
Expand--------STSC
1. A firm buys stock for $100 by cheque and intends to sell it for $200, so the double entry should be a) Debit bank $100 and credit stock $ 100 b) Credit bank $ 200 and debit stock $ 200 c) Debit purchases $100 and credit sales $ 200 d) Debit purchases $ 100 and credit bank $ 100
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