Provision for Doubtful Debts is a contra asset to Debtors, Bank/Cash is a contra account in the cash book, and Accumulated Depreciation is a contra asset to Fixed Assets.
Under the Companies Act 2013, a 'Small Company' is defined based on paid-up share capital and turnover. As per the latest amendments, the paid-up share capital should not exceed:
Explanation:
The Companies (Specification of Definition Details) Amendment Rules, 2021, increased the paid-up share capital limit for a Small Company to ₹4 Crores (or ₹10 Crores as per turnover, whichever is lower, but the capital limit was raised to ₹4 Cr).
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