Distinguish between debit note and credit note. - Vidyadip

Question

Distinguish between debit note and credit note.

✓

Answer

Difference between debit and credit note:

No.	Debit Note	Credit Note
$1.$	When goods purchased are returned, due to some reason to claim rebate, debit note is issued.	When goods sold are returned by customer due to some reason for confirmation of rebate amount, credit note is issued.
$2.$	In purchase return book, debit note number is recorded.	In sales return book, credit note number is recorded.
$3.$	Debit note is issued by customer to their trader.	Credit note is issued by trader to their customer.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "Give Answer As Asked . (3 Marks)" from P1 C6 Subsidiary Books→P1 C6 Subsidiary Books — all question types→Account STD 11 Commerce question papers→Gujarat Board STD 11 Commerce question papers→Gujarat Board question paper generator→

Similar questions

Pass adjustment entry for the following and also show its effect in final accounts: Brokerage of $Rs.2,700$ is received in advance.

Write short-note on: $(1)$ Accrual Concept:

Journalise the following transactions and post them in the ledger: $2019$
July $1$ Purchased goods of $Rs.45,000$ on cash $3$ Brought additional capital of $Rs. 60,000$ in the business.

From the following transactions, prepare sales book with expenses columns in the books of Vrunda Stores. They maintain separate columns to record different expenses like $GST$, railway freight, wages. Prepare sales book on the basis of total rate of $GST$ at $18 \%$. $GST$ is not included in the amount of following transactions. Prepare sales books by adding applicable amount of $GST$.
2019
June
$1$ Goods sold of $₹ 20,000$ to Unnati Traders of Ahmedabad at 10 % trade discount and $5 \%$ cash discount. Bill sent with, wages $₹ 500$ and railway freight $₹ 400.$ Invoice no. $205.$
$5$ Goods sold of $₹ 30,000$ to Aashish of Ludhiyana (Punjab) at $5\ %$ trade discount and $2\ %$ cash discount. Invoice no. $206$ sent with $₹ 400$ for wages. Half of the amount received by cheque.
$12$ Goods sold of $₹ 10,000$ to Jhanvi of Amirgadh at $10 %$ trade discount. Invoice no. $207$ sent.
$15$ Dhruvi of Vapi place an order for the supply of goods of $₹ 30,000$ at $10 \%$ trade discount and $5\%$ cash discount.
$18$ Supplied goods to Dhruvi as per her order. In the invoice, railway freight of $₹ 800$ is included. Invoice no. $208$.
$22$ Old cooler sold to Aayush of Anjar at $₹ 8000$ on cash.

Explain the following terms: $(A)$ Account And $(B)$ Voucher

Discuss the limitation of Single Entry System in detail.

Make classification of account type for the following :
(M. J. Commerce College account, United Insurance Co. account, Sales account, Tata & Sons account, Carriage outward account, Insurance premium paid account, Ramilabahen's account, Brokerage paid account, Outstanding salary account, Gopal farsan mart account, Motor car account, Trade mark account)

What is renewal of a bill? Which points are considered in that?

Write journal entries for the following transactions in the books of Murlidhar. $2019$ May $1$ Goods of $Rs.1,000$ is withdrawn from business for personal use. $2$ Goods of $Rs.700$ destroyed by fire. It was not insured. $7$ Goods of $Rs.500$ given as donation.

From the following transactions, prepare columnar sales book in the books of Shri Durgesh Electronics stores :
$2018$
Dec.
$1$ Sold to Laukik Electronics Stores $10$
$AC$ at $₹ 30,000$ per piece, $6$ cooler at $₹ 6000$ per piece and $100$ fans at $₹ 1400$. Trade discount at $10 \%$, credit period $2$ months. Invoice no. $151.$
$12$ Sold to Aanand Electronics $8$
$AC$ at $₹ 28,000$ per piece and $15$ fans at $₹ 1300$ per piece. Trade discount at the rate of $10 \%$, credit period $1$ month. Invoice no. $152.$
$15$
$10$ cooler sold to Sangharsh Electronics at $₹ 6500$ per piece on cash. Cash memo no. $153$.
$18 $Sold to Krishna Enterprise to $10$ cooler at $₹ 6200$ per piece and $15$ fans at $₹ 1400$ per piece, at $5 \%$ trade discount. Credit period for $1$ month. Invoice no. $154.$
$20$ Sold old furniture of shop at $₹ 8000$ to Khyati.