DEBIT NOTE, CREDIT NOTE TRANSACTIONS
SALES RETURN VOUCHER
When goods are returned by a customer a Sales Return entry is passed
PURCHASE RETURN VOUCHER
When goods are returned to a supplier a Purchase Return entry is passed
CREDIT NOTE VOUCHER
When the price charged to a customer is reduced a Credit Note entry is passed
DEBIT NOTE VOUCHER
When the price charged by a supplier is reduced a Debit Note entry is passed
Manoj returned goods worth Rs. 3,000
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Sales Return
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Sales Return A/c....Dr.
Manoj A/c
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Returned goods to Thomas worth Rs. 1,500
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Purchase Return
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Thomas A/c...........Dr
Purchase Return
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Price of goods sold to Manoj reduced by Rs. 1,250
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Credit Note
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Sales Return A/c....Dr.
Manoj A/c
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Thomas reduced the price of goods sold to us by Rs. 75
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Debit Note
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Thomas A/c .........Dr
Purchase Return
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