debit note &credit note

This query is : Resolved

Guest

Guest (Querist)

09 August 2008 what is debit note and credit note? tell me exactly by example...also tell me circum stances and conditions when we issue them?by example,,
a person issues debit note,it means wat?

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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09 August 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).