credit note

Querist : Anonymous (Querist) 11 January 2010 This query is : Resolved
i want to know the legal definition of credit note and also want to know that under which act i can find the definition of credit note?

thanks in advance.

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A V Vishal (Expert) 12 January 2010
Credit Note proves that a credit entry has been made to a debtor's or creditor's account. A customer or supplier can be credited for variety of reasons such as sales return, wrong quantity or quality of product, rate difference, discount, commission, etc.

Raj Kumar Makkad (Expert) 12 January 2010
I do agree with vishal.

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