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Long Answer Questions.
Write the meaning of the Debit Note and Credit Note.
Write the meaning of the Debit Note and Credit Note.
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Solution
- A source document on the basis of which
the purchases returns book is prepared is known as debit note. Debit
note is often defined as a note which is created by a buyer at the time
of returning goods received on credit. It often serves as a reminder of
current debt obligations.
- A source document on the basis of which
the sales returns book is written is known as credit note. Credit note
is also known as a credit memo. It is issued by a seller to a buyer. It
serves as an evidence of the reduction in sales.
- A source document on the basis of which the purchases returns book is prepared is known as debit note. Debit note is often defined as a note which is created by a buyer at the time of returning goods received on credit. It often serves as a reminder of current debt obligations.
- A source document on the basis of which the sales returns book is written is known as credit note. Credit note is also known as a credit memo. It is issued by a seller to a buyer. It serves as an evidence of the reduction in sales.
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