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Answer Posted / srikanthreddy
Debit note: A debit note is prepared by buyer ,when the goods are returned to the supplier, a debit note is sent to him indicating that his a/c has been debited with the amount mentioned reasons in the debit note.
Journal Entry-:
party a/c dr
to Purchase returns
Credit note: A Credit note is document it is prepared by the seller to inform the buyer that his account has been credited with the amount mention and for the reasons stated therein.
Journal Entry- Sales returns/c dc
to Party
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