Provision for Materials

Kishore Nuthalapati (Accountant for multiple small entities)   (171 Points)

25 June 2023  
Hi Sir or Madam

we are looking after Accounts of house keeping materials proprietor firm

i have some Idea that we can make provision for services like salaries, Monthly recurring expense

here a material worth of 10 lacs is received and advance of 10 lacs is paid however invoice is not yet received

Please advise Can I make provision for 10 lacs rupees material

Thanks in advance