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Debit Note
1. When a buyer returns goods to the seller, he sends a debit note as an intimation to the seller of the amount and quantity being returned and requesting return of money.
2. A debit note is sent to inform about the debit made in the account of the seller along with the reasons mentioned in it.
3. The purchase returns book is updated on the basis of the debit note. (In case of return of goods)
Credit Note
1. When a Seller receives goods (returned) from the buyer, he prepares and sends a credit note as an intimation to the buyer showing that the money for the related goods is being returned in the form of a credit note.
2. A credit note is sent to inform about the credit made in the account of the buyer along with the reasons mentioned in it.
3. The sales return book is updated on the basis of the credit note. (In case of return of goods)
A journal entry to record a debit note is
Sales Returns A/C
Debit
To Debtor’s A/C
Credit
A journal entry to record a credit note is
Creditor’s A/C
Debit
To Goods Returned A/C
Credit
