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what is the difference between credit and debit note?
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Answer Posted / c.c
"DEBIT NOTE" and "CREDIT NOTE" can be issued by either party
ie:- buyer/seller (in credit terms/invoicing).
"DEBIT NOTE" is purposely to make adjustment to those understated of the "FIGURE" in the past invoices. Therefore, it is to ADD-ON the balances.
1 ) DR DEBTORS CR SALES
2 ) DR PURCHASES CR CREDITORS
"CREDIT NOTE" is purposely to records any of the goods returned. Therefore, it is to DEDUCT the balances due in the account.
1 ) DR SALES CR DEBTORS
2 ) DR CREDITORS CR PURCHASES
Hope that this could help you out!
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