Subsidiary Book

Meaning of subsidiary book, 

MEANING OF SUBSIDIARY BOOK

All transactions are first classified as cash transactions and credit transactions.

Cash transactions are those in which the payment is made immediately. Payment will be paid later on credit transactions.

Cash transactions are recorded in cash book.

Credit transactions are recorded in purchases book, sales book, purchase returns book, sales returns book respectively.

When transactions are related to bill, they are recorded in bills receivable and bills payable.

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Give the meaning of debit note and credit note

DEBIT NOTE

Debit note is used to return goods on credit.

The purchaser usually issues a debit memo for the higher amount than the invoice.

This document is used by a purchaser to inform a vendor of the quantity of goods and amount of goods being returned.

Then, the supplier issues a credit note to the purchaser; it indicates that the goods have been received.

CREDIT NOTE

Credit note is issued by a seller to a buyer.

Usually, the seller issues a credit memo when there is lower amount than the invoice.

Then repays the money to the buyer or it is set-off against a balance due from other transactions.

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