Briefly explain the following:

  1. Supporting vouchers
  2. Debit note
  3. Credit note

Asked by Topperlearning User | 16th Jun, 2016, 02:35: PM

Expert Answer:

  1. Supporting vouchers: Supporting vouchers are evidences of business transations which give information about the nature of transaction, the date, the amount and the people involved in it. These transactions are recorded when they are actually made in the books of accounts and duly supported by the source of documents. These supporting documents are the authentic evidence of the recorded transactions. These are also known as source documents.
  2. Debit note: Debit note is issued by a firm to its suppliers/creditors for debiting his/her account. For example, goods returned to supplier.
  3. Credit note: Credit note is issued by a firm to its customers for crediting his/her account. For example, goods returned by the customer.

Answered by  | 16th Jun, 2016, 04:35: PM