Deficiency Account
An account used to record the shortfall when liabilities exceed assets, especially in insolvency or liquidation scenarios. It reflects the gap between what’s owed and what’s available to pay creditors, offering a clear view of financial shortfall.
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Debentures
Debenture is a type of long-term debt instrument issued by companies to raise capital, typically backed by the issuer’s creditworthiness…
Draft
Draft is a written order from one party (drawer) to another (drawee) to pay a specific sum to a third…
Discount on Sales or Purchases
A reduction in the price of goods or services, either as a sales incentive (sales discount) or a reward for…
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