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What is the difference between a debit note and a credit note as business documents?

Distinguish between a debit note and a credit note as business documents.

Answers

(i) A debit note is issued when a customer fails to return returnable items for example crates, while a credit note is issued when a customer returns chargeable/ returnable items.

(ii) For a debit note, a supplier debits the customer's account while for a credit note, a supplier credits the customer's account.

(iii) A debit note increases the amount on an invoice issued earlier while a credit note reduces the amount on an invoice issued earlier.

(iv) A debit note is used to correct undercharges while a credit note is used to correct overcharge.

maurice.mutuku answered the question on July 12, 2017 at 06:55

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