Multiple Choice Questions on Debit note is issued by whom and for what purpose ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Debit note is issued by whom and for what purpose ........

General Accounting Principles Accounting standards
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    Debit note is issued by whom and for what purpose

    Issued by purchaser at the time of purchase

    Incorrect Answer

    Issued by seller at the time of sale

    Incorrect Answer

    Issued by purchaser for purchase return

    Correct Answer

    Issued by seller for sale return

    Incorrect Answer
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    Explanation:

    Debit note acts as the Source document to the Purchase returns journal. In other words it is an evidence for the occurrence of a reduction in expenses.

    By: NIHARIKA WALIA
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    PRERNA JHA

    According to me, answer is wrong here. Credit card is issued by purchaser for purchase return.

    0 0 reply

    NIHARIKA WALIA

    No, the answer is correct. Debit note is issued when we debit the creditor in our books as we are returning some of the goods that means we are going to pay less to him

     0 0 reply
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