Accounting
This query is : Resolved
27 January 2011
Hi sir/ madam
I hv query regarding accounting treatment of excess provision of expenses whether it can be transferred to respective account head for which provision was made or other account head (Liabilities written back)
Regards
Surajk
I hv query regarding accounting treatment of excess provision of expenses whether it can be transferred to respective account head for which provision was made or other account head (Liabilities written back)
Regards
Surajk
27 January 2011
It should be transferred to Liabilities Written Back A/C
27 January 2011
1. If the provision was made during the previous year, then You can do the following entry
CR PREVIOUS YEAR ADJUSTMENT A/C
DR PARTICULAR LIABILITY A/C
2. If the provision created during the current year, then You can do the following entry
CR RESPECTIVE EXPENSES A/C
DR PARTICULAR LIABILITY A/C
Thanks
CR PREVIOUS YEAR ADJUSTMENT A/C
DR PARTICULAR LIABILITY A/C
2. If the provision created during the current year, then You can do the following entry
CR RESPECTIVE EXPENSES A/C
DR PARTICULAR LIABILITY A/C
Thanks
28 January 2011
Thanks so much Mr Sunil ji and Mr Obulirajan
I am convinced from ur satisfactory answer.
Thanks and regards,
Suraj
I am convinced from ur satisfactory answer.
Thanks and regards,
Suraj
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