Which of the following condition would attract credit and debit notes to be used?

Accounts - Principles of Accounts

JAMB 2016

A. When goods are received from supplier
B. When a trial balance is extracted
C. When a buyer is under or over charged
D. When goods are sold to a buyer

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Correct Answer: Option C

Explanation

Debit note is usually issued by the purchaser andcredit note is usually issued by the seller. But debit note can be issued by the seller when the buyer erroneously records more and credit note can also be issued by the buyer when the seller undercharges the buyer.

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