Debit Note and Credit Note

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AMIT KUMAR ROY (Querist)
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09 July 2008 Sir,

What is Concept of Debit Note and Credit Note. I am confused that if I Check the Purchase and see the party has been debited so, i requied debit note or Credit Note and panic created in sales.

Thanks

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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09 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).