Provision for audit fee

Say like ,  u have provided a legal and professional provision for 1lac rupees , subsequently if the actual expenses found 1.5Lac , then u have to treat 50000 as prior period expenses.-

The Journal Entry   will be

Audit Expenses provision  A/c      Dr   100000

Prior period expenses(if short provision provided)   Dr    50000

Bank A/c                     Cr   150000

As per AS-5 the nature and amount of prior period items should be separately disclosed in the statement of Profit and Loss in a manner that their impact on current profit or loss can be preceived.

Thanks

Harshit