Define debit and credit?
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Yogita Ingle 5 years, 3 months ago
When goods are returned to the supplier, a debit note is prepared and sent to the supplier of the goods. It contains the name of the party (supplier) whose account has been debited, along with the amount and details of the bill and the reason for the debit, in reference to which his account has been debited.
A credit note is prepared when goods are received back from a customer.
When goods are purchased on credit, the seller prepares a sale invoice called bill that contains the name of the party to whom the goods are sold, as well as the rate, quantity and total amount of the sale. However, a cash memo is prepared when trader sells the goods for cash.
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