FBT
This query is : Open
06 August 2009
Does it is necessary to provide FBT provision before ending of quarter..if yes what would be provision and payment entry.
FBT Provision should be provided on which date ?
Secondly if i deposited exact FBT after every quarter without making any provision..is that wrong ???
FBT Provision should be provided on which date ?
Secondly if i deposited exact FBT after every quarter without making any provision..is that wrong ???
06 August 2009
Provision is expected liability to come in next Qtr so you decide wht you may have to pay for FBT.
Entry is
P&L A/c Dr
Prov for FBT Cr.
Entry is
P&L A/c Dr
Prov for FBT Cr.
06 August 2009
hi Prakash, you mean provision for FBT for July to September Qtr..should be done in July..correct ???
Please see the below entry..is that correct ?
1. FBT Dr (Under Expenses group)
To FBT provision Cr (under loan& advanc)
(Making provision for July to Sep)
2.FBT provision Dr
To Bank
(Depositing FBT)
3.Profit and Loss
To FBT
(Trfd closing balance to P&loss)
Please see the below entry..is that correct ?
1. FBT Dr (Under Expenses group)
To FBT provision Cr (under loan& advanc)
(Making provision for July to Sep)
2.FBT provision Dr
To Bank
(Depositing FBT)
3.Profit and Loss
To FBT
(Trfd closing balance to P&loss)
06 August 2009
Yes you are very right in passing above entries :)
06 August 2009
Its correct to make provision for FBT for July to September Qtr..in July..:) cheers the helping hand :)
06 August 2009
Thanks prakash. one more question...i did not made any FBT provision in FY 2008-2009. during the audit objection was raised by the auditiors.
Would it make any difference if i put FBT provision entry now in previous date, as i am about to close my books for the FY 2008-2009
Would it make any difference if i put FBT provision entry now in previous date, as i am about to close my books for the FY 2008-2009
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