Dear Members,
Our Company had made a provision for proposed Dividend and DDT in 2014-15 Rs.15Cr. and Rs. 2.5Cr .
But Actual Payment was made after AGM was Rs.12Cr. and Rs. 2Cr.
Please advise the entries to reverse the excess provision.
Soumyayan (Service) (72 Points)
05 November 2015Dear Members,
Our Company had made a provision for proposed Dividend and DDT in 2014-15 Rs.15Cr. and Rs. 2.5Cr .
But Actual Payment was made after AGM was Rs.12Cr. and Rs. 2Cr.
Please advise the entries to reverse the excess provision.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3303 Points)
Replied 07 November 2015
Debit the provision for Dividend a/c and credit P & L a/c with the difference amount between provision amount and actual paid amount
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