Question

What is the difference between debit note and credit note?

Answer 1

There is wide use of debit and credit notes in business. Debit notes are used when purchaser returns the goods previously purchased to the seller. The purchaser sends a debit note to the seller i.e. Purchaser debits the seller in his books. On the other side seller sends a credit note to the purchaser i.e. Seller credits the purchaser in his books.