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What is Credit Note

Credit note is the document which is issued by seller to buyer when he got any goods from buyer. There are so many reasons of sales return like defect, over quantity, no need or any other reason. When seller accepts his returned goods, he writes and sends a document which is the base of writing the entry of sales return. Same document is also called credit memo.

For Example

Ram sells brush of Rs. 1000 to Sham on credit. Total units he sold 1000. But 50 units are defective. So, Sham returned all these 50 units to Ram. Ram accepted all these 50 units and issued a credit note. On this basis, he wants to just Rs. 950. Sham will be responsible for paying just Rs. 950. In the accounting books of Ram, following entry will be passed.

Sales Return Account Dr. XXXXX


Sham Account Cr. XXXXX

In the books of Sham following entry will be passed


Ram Account Dr. XXXXX


Purchase Return Account Cr. XXXXX

Sample : In credit note, following information is written. 


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Accounting Education: What is Credit Note
What is Credit Note
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Accounting Education
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