ACCOUNTANCY

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shaswath b s

shaswath b s (Querist)
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23 October 2008 WHAT IS CREDIT NOTE AND DEBIT NOTE??

Reetika Goel

Reetika Goel (Expert)
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23 October 2008 Sale Return is refered to as Debit Note
& Purchase Return is refered to as Credit Note.

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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23 October 2008 Sale Return is intimated to the supplier by way of a Debit Note

& Purchase Return is intimated to the seller by way of a Credit Note.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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24 October 2008 A debit note is an intimation by a party to another that the former is making a claim on the latter.

A credit note on the other hand is an acknowledgement one party to another that the former owes latter.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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25 October 2008 Credit Note is a memo issued to the opposite party giving details of sum credited to the party's account. For example Supplier will issue a Credit Note to its Customer for the goods returned by the customer. On the other hand, Debit Note gives the details of debits. Credit Note issued by one party(supplier in the above example) is a Debit Note issued by the other party(customer in the above example).

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