02 May 2020
Provisional is actual financial status till date should be prepared taking into account all provisional entries till date .
Project balance sheet prepared considering projected sales and expenditure including proposed loan interest and repayment schedule , obtain bank format projection considering number of year required . projection includes profit and loss , balance sheet , cash flow statement, ratio , depreciation sheet , loan and interest repayment schedule.
05 May 2020
Provisional Balance Sheet is prepared on the basis of Past data i.e. for the period which is already completed.
Estimated Balance Sheet: - Estimated Balance Sheet is prepared for future Data (for which period is started but not completed) on basis of projection i.e. for the period which already started but not completed.
Projected Balance Sheet - Projected Balance Sheet is prepared for future Data on the basis of projection i.e. for which period is not started.
09 May 2020
Provisional Statements are prepared for immediate next months which are normally within the accounting period and less than 12 months. Like we prepare Provisions for Income and Expenses for the month of May 2020 as per data from April 2020. Provisional statements does not goes for very long periods and stay within next couple of months within the accounting year.
However in case of projected statements the period far exceeds 12 months and is prepared for next 2 to 10 years or more as needed for period based on past data with us. It requires for projecting the business performance and position with a reasonable accuracy which is required to be submitted by various outside agencies and as per government requirements.
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