Difference in provision of bonus and actual bonus paid.
This query is : Open
03 December 2016
Bonus provision was made last year with amount for example 200000, now while paying the bonus it is found that provision was made will less amount and actual bonus amounts to 210000. now what are the implications according to the tax audit and how will the difference figure 10000 be adjusted.
03 December 2016
If you have made less provision , Short Provision can be claimed in the subsequent year in which actually paid.
05 December 2016
okay and in accounting how will the journal entry be made for difference amount.
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