what is offset accounting??
What are its journal entries???
Offset meaning cancelling profits against each other. I is not allowed and special permission is required or an accounting standard must permit that. Offsetting is mostly available in personal and business taxation, revaluations. Eg. capital gains losss can be set off with a similar gain. It is also as a hedging technique called netting where receipt and payments are netted and resultant profit or loss is reported.
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