provision entry
This query is : Resolved
21 May 2008
after making provision entry it is necessary to reverse
21 May 2008
if you are reverse the entry & debited to profit & loss a/c then it is treated as income of you
f e salary a/c dr. 20000
salary payble a/c cr 20000
f e salary a/c dr. 20000
salary payble a/c cr 20000
21 May 2008
generally we make provision for expenses for which 1) we are not sure about amount or 2) which are paid in next year like telephone exp.
in 1)you can reverse provision entry on 01 april and can enter actual amt at the time of receipt of bill and in case of 2) no need to reverse entry, at the time of payment just debit payable a/c, which is standing in liablity.
in 1)you can reverse provision entry on 01 april and can enter actual amt at the time of receipt of bill and in case of 2) no need to reverse entry, at the time of payment just debit payable a/c, which is standing in liablity.
21 May 2008
What are the circumstances under which it was made and why it is reversed
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
