Treatment of provisions
Ravi Shukla (4 Points)
07 June 2016
What is the difference between provisons in profit and loss account and provisons in balance sheet of a company
Ravi Shukla (4 Points)
07 June 2016
CA STUDENT
(Job)
(73 Points)
Replied 08 June 2016
Hi,
In Financial accounting the word " provision " refers to P&L only not balance sheet.In the journal entry point of view one leg may hit P&L and the other leg may hit balance sheet.
I am not sure, opinions and ideas are welcome......
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