A deduction is an amount that can be subtracted from income to reduce taxable profit or taxable income. It may include eligible business expenses, depreciation, interest, and certain statutory allowances. Proper deduction treatment is important because it directly affects tax liability.
Draft
A draft is a written order directing one party, usually a bank or customer, to pay a specified amount to another party. It is...
Double-Entry Accounting
Double-entry accounting is the system where every transaction affects at least two accounts, with total debits always equal to total credits. This creates a...
Discount on Sales or Purchases
A discount on sales or purchases is a reduction in the amount payable or receivable, usually given for prompt payment, bulk buying, or trade...
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