Differentiate between Debit Note and Credit Note

1.	Differentiate between Debit Note and Credit Note
Answer» i) Debit note is prepared by a person who has purchased the goods and returning the some portion or whole of goods. Credit note is prepared by the a person who receives the goods returned. ii) Debit note is intimation to the seller about the return of goods .Credit note is confirmation of receiving the returned goods. iii) Debit note informs the person that his account is debited .while credit note informs the person who returns the goods that his account is credited. iv) Debit note is recorded in Purchase return books and credit note is recorded in sales return books.

Answer»

i) Debit note is prepared by a person who has purchased the goods and returning the some portion or whole of goods. Credit note is prepared by the a person who receives the goods returned.

ii) Debit note is intimation to the seller about the return of goods .Credit note is confirmation of receiving the returned goods.

iii) Debit note informs the person that his account is debited .while credit note informs the person who returns the goods that his account is credited.

iv) Debit note is recorded in Purchase return books and credit note is recorded in sales return books.

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