debit note

Debit notes are used in business-to-business transactions. Such transactions often involve an extension of credit, A debit note is often used to return goods on credit. The vendor then issues a credit note to the purchaser representing that the goods have been received, and that the purchaser will not have to pay for them. Also known as a “debit memo”.

Purchases Returns Book

Purchases Returns Book: Definition and Explanation: Purchases returns book is a book in which the goods returned to suppliers are recorded. It is also called returns outward book or purchases returns day book. Goods may be returned because they are of the wrong kind