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Provision for interest payable

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(Querist)
19 June 2010 Can anyone tell me do we need to creat a provision for interest payable on LC availed at the end of the year...?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
19 June 2010 Bank will debit u with the interest charges and the same only needs to be provided in the books.
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hshivakumar

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hshivakumar (Expert)
19 June 2010 yes if the books of accounts are maintained accrual systems you have to provide in the books.
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