CBSE · Class 11 · Accountancy · Recording of Transactions - IIA Credit Note is issued by a seller to indicate that:
Step-by-Step Solution
A Credit Note is sent by a seller to a customer when goods are returned by the customer, indicating that the customer's account has been credited.
Detailed Options Breakdown
Option : The customer's account has been debited
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Recording of Transactions - II.
Option 1: The customer's account has been credited (Correct Answer)
Correct choice. Refer to the step-by-step verified solution guidelines above for details.
Option 2: Cash has been received from the customer
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Recording of Transactions - II.
Option 3: Additional goods have been sold to the customer
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Recording of Transactions - II.
💡 Study Guide: This question tests core syllabus concepts from Recording of Transactions - II. For formulas, key summaries, and mock exam reference guides, read the full Recording of Transactions - II Revision Notes.