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Understanding Financial Statements

A debit note ...

Question

A debit note is prepared by the seller.

A

True

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B

False

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Solution

The correct option is B False
A debit note is a document used by a vendor/Seller to inform the buyer of current debt obligations, or a document created by a buyer when returning goods received on credit. The debit note can provide information regarding an upcoming invoice, or may serve as a reminder for funds currently due.

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Q. Debit and credit notes act as the authenticate proof for the ___________ by the purchasers or sellers.

Mention any 3 situations under which a seller and a buyer may send a debit note.

Q. Which among the following situation will best explain about issuing debit note to a customer:
A) When the amount payable by buyer to seller increases.
B) Return of goods due to bad quality.
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Q. Noting charges account is debited by __________.

Q. Fill in the blanks with correct alternative and rewrite the statements :

A Trial Balance provides the base for preparation of ________.
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