Question

What is credit note and debit note in accounting?

Answer 1

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Answer 2

Debit note: Debit note is issued to the seller when any buyer wants to return purchased goods. When the buyer initiates the return request, a debt is sent to a seller containing the amount and quantity of return goods.

Credit note: Credit note is issued to the buyer when the seller receives the returned goods. After receiving and confirming the returned goods, the seller sends a credit note to the buyer confirming the return of money to the buyer.