Question

    A Credit Note is the basis for recording a transaction in which of the following?

    A Purchase Journal Correct Answer Incorrect Answer
    B Sales Journal Correct Answer Incorrect Answer
    C Purchase Return Journal Correct Answer Incorrect Answer
    D Sales Return Journal Correct Answer Incorrect Answer
    E Cash book Correct Answer Incorrect Answer

    Solution

    Credit note is used to record the transaction related to sales returned whereas a debit note is prepared when the goods are returned and is sent to the supplier with the returned goods.

    Practice Next
    ×
    ×