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Querist : Anonymous

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Querist : Anonymous (Querist)
01 September 2011 why is provision dor bad debts of previous year removed from p and l
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
01 September 2011 Provision only can be taken in to p&l in which year it created
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
01 September 2011 Provision can be made in any year and when it is not required it can be remove. You should understand why provisions are made. The provisions are made to give a true and fair view of the state of affairs of a company. In case the provision is not made the company is required to incur particular expenses then in the year of payment it will go under the head prior period and the profits shall be over stated and the expenses cannot be deducted from the profit
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