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Unit-10 Other Subsidiary Books

In this unit, we intend to take up the remaining books.

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How does Debit Note differ from the Credit Note? Discuss the utility of these notes.

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Learning Pundits Content Team

Written on Jun 25, 2019 3:34:56 PM

The following are the differences between debit note and credit note:

1.A memo sent by one party to inform the other party that a debit has been made to the seller’s account, in buyer’s books, is known as Debit Note. A commercial document which is sent by one party to inform the other party that a credit has been made to buyer’s account, in seller’s books is known as Credit Note.

2.Debit Note is written in blue ink while Credit Note is prepared in red ink.

3.Debit Note is issued in exchange for Credit Note.

4.Debit Note represents a positive amount whereas Credit Note prepares negative amount.

5.Debit Note reduces receivables. On the other hand, Credit Note reduces payables.

6.On the basis of the Debit Note, purchase return book is updated. Conversely, sales return book is updated with the help of a Credit Note.