Provision for expenses
This query is : Resolved
08 November 2011
what is the provision for expenses? how it will be calculated ? what is pecentage of provision required ?
09 November 2011
Mr Poojary
When you follow mercantile system of accounting, and when you are preparing monthly/Yearly P&L, You need to book all expenses on or before month end/year end to book all accrued expenses some time the invoice will/ come later hence you need to provide in books for expenses
2. some expenses like telephone may get from 15 to 15th of month the you may need to provide in book for 15 days,
hope this will make you understand.
When you follow mercantile system of accounting, and when you are preparing monthly/Yearly P&L, You need to book all expenses on or before month end/year end to book all accrued expenses some time the invoice will/ come later hence you need to provide in books for expenses
2. some expenses like telephone may get from 15 to 15th of month the you may need to provide in book for 15 days,
hope this will make you understand.
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 Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Applicability
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
