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Question
Which among the following cases a firm issues a credit note to the customer:
A) When the buyer account is overcharged
B) When the buyer returns the goods purchased by him
C) Unit price overcharged or overbilled
D) Product wrongly shipped
Which among the following cases a firm issues a credit note to the customer:
A) When the buyer account is overcharged
B) When the buyer returns the goods purchased by him
C) Unit price overcharged or overbilled
D) Product wrongly shipped
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Solution
The correct option is C B and C
Option C (B and C). A credit note is issue when the customer account is over debited by the buyer. The buyer issues a credit note and hence the over debit is reduced by issuing a credit note. Over debit may occur when buyer returns the goods or when unit price is overcharged or overbilled.
Option C (B and C). A credit note is issue when the customer account is over debited by the buyer. The buyer issues a credit note and hence the over debit is reduced by issuing a credit note. Over debit may occur when buyer returns the goods or when unit price is overcharged or overbilled.
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