Question

a]The effect of debit note is that indebtedness of buyer is ___________________ to the extent of stated amount. b] ______________________ is drawn upon a specified bank which the account is held and is payable on demand​

Answer 1

Explanation:

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Answer 2

a] The effect of debit note is that indebtedness of buyer is increased to the extent of stated amount.

b]A check is drawn upon a specified bank which the account is held and is payable on demand​.

Explanation:

• The debit balance of the buyer’s account increases when a debit note is allotted.  

• It signifies that more amount is needed to be paid by the buyer to the seller to resolve his liability. Therefore, a credit note raises the liability for the buyer.

• A cheque is a write-down that orders a bank to pay a definite amount of money from a person's account to the person in whose name the cheque has been dispensed.

• The person issuing the cheque or the drawer has a transaction banking account, frequently called a cheque, current, chequing, or checking account) where their money is retained.