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difference between debit note and credit note

Posted by Kamakshi Juneja 6 years, 11 months ago

CBSE > Class 11 > Accountancy

2 answers

Keshav Bindal 6 years, 11 months ago

Debit Note- Minimization in account payables. Credit Note- Minimization in account receivables.

Gaurav Seth 6 years, 11 months ago

<th>BASIS FOR COMPARISON</th> <th>DEBIT NOTE</th> <th>CREDIT NOTE</th>

Meaning	Debit Note is a document which reflects that a debit is made to the other party's account.	Credit Note is an instrument used to inform that the other party's account is credited in his books.
Use of	Blue Ink	Red Ink
Represents	Positive Amount	Negative Amount
Which book is updated on the basis of note?	Purchase Return Book	Sales Return Book
Effect	Minimization in account receivables.	Minimization in account payables.
Exchanged for	Credit Note	Debit Note

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