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debit and credit note

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(Querist)
23 July 2008 what is debit note and credit note
and how and why are they issued>?
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
23 July 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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