What is partial exemption, Vat schemes, Share premium reserve used for,issue of Loss on debentures entry.

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Partial exemption, VAT schemes, share premium reserve, and issue of loss on debentures entry are all related to accounting practices.

Partial exemption refers to the situation where a business is not able to reclaim all of the VAT it incurs on its purchases.
VAT schemes are special schemes designed to simplify VAT accounting for businesses, such as the flat rate scheme or cash accounting scheme.
Share premium reserve is a reserve created when a company issues shares at a premium, which represents the excess amount received over the nominal value of the shares.
The issue of loss on debentures entry involves recording the loss incurred when debentures are redeemed at a value lower than their face value.

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