DOUBTFUL DEBT Definition

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DOUBTFUL DEBT is a debt where circumstances have rendered its ultimate recovery uncertain. Conservatism requires that doubtful debts should be treated in the same way as bad debts. They should thus be recorded as an expense in the profit and loss account and to be credited to a provision to set off against ultimate default if it occurs.

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PUBLIC CORPORATION is a corporation formed by federal, state or local governments for specific public purposes.

CAPITAL IN EXCESS OF PAR see ADDITIONAL PAID IN CAPITAL.

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