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Accounting treatment
if we have a contract with a party for maintanance services,and at the time of payment , party deducted some amt due to not fullfilling certain condition so what is the treatment of this deduction in p/l a/c
Replies (2)
Show it either as discount or bad debts in the profit and loss account.
Ask the party for Dr. note.
Issue the cr. note to the party by debiting income head.
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