"Doeth one bit" is an archaic phrase that means "does a little bit". The spelling follows the Middle English pronunciation, where "oe" represents the "əʊ" sound, and "th" is pronounced as "θ". Therefore, the correct IPA phonetic transcription for "doeth" is "ˈdʌɪəθ". The word "one" is pronounced as "wʌn", and "bit" is pronounced as "bɪt". While this phrase is not commonly used today, it is still found in some old texts or historical documents.