Journal entry
This query is : Resolved
26 June 2012
hi,
can i make provision entry for income ? that receipts related to mar 2012, but they raised bill april 12.
confirm me pls.
Gopal G
can i make provision entry for income ? that receipts related to mar 2012, but they raised bill april 12.
confirm me pls.
Gopal G
26 June 2012
No you can not make provision for receipts
as per
Accounting Standard (AS) 1
(issued 1979)
Disclosure of Accounting Policies
Prudence
In view of the uncertainty attached to future events, profits are not anticipated
but recognised only when realised though not necessarily in cash. Provision
is made for all known liabilities and losses even though the amount cannot be
determined with certainty and represents only a best estimate in the light of
available information.
so u cant make provision for thr receipt
provision only made for expenses
Thanx
Vishwash Agarwal
07666515328
as per
Accounting Standard (AS) 1
(issued 1979)
Disclosure of Accounting Policies
Prudence
In view of the uncertainty attached to future events, profits are not anticipated
but recognised only when realised though not necessarily in cash. Provision
is made for all known liabilities and losses even though the amount cannot be
determined with certainty and represents only a best estimate in the light of
available information.
so u cant make provision for thr receipt
provision only made for expenses
Thanx
Vishwash Agarwal
07666515328
26 June 2012
YES PROVISION FOR EXPENDITURE CAN BE MADE
26 June 2012
Sorry Sir
but mr gopal wants to know about provision for receipt
but mr gopal wants to know about provision for receipt
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
