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GCE Financial Accounting 1989 Question 26

Question 26

Source Documents

When a buyer returns damaged goods to the seller, the buyer receives a

  1. A.proforma invoice
  2. B.credit note
  3. C.debit note
  4. D.consignment note
  5. E.goods return note.
Show the answer and explanation

Answer: B (credit note)

Explanation

The seller sends a credit note to show the buyer's account has been reduced for the returns.