Question

explain briefly debit and credit

Answer 1

Credit = Credit means giving money on loan to needy persons.

Debit = An amount of money paid out of bank.

Answer 2

Debit Note and Credit Note are used while the return of goods is made between two businesses. Debit Note is issued by the purchaser, at the time of returning the goods to the vendor, and the vendor issues a Credit Note to inform that he/she has received the returned goods.