Nbfc
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 September 2011
FOR NBFC COMPANY AS PER RBI NOTIFICATION
PROVISION FOR
1 - "CONTINGENT PROVISION AGAINST STANDARD ASSETS"
PLZ TELL ME WHAT WILL BE JOURNAL ENTRY
2-IS IT LIKE PROVISION FOR AUDIT FEE ETC
3-IS IT AN ITEM OF EXPENSES
FOR NBFC COMPANY AS PER RBI NOTIFICATION
PROVISION FOR
1 - "CONTINGENT PROVISION AGAINST STANDARD ASSETS"
PLZ TELL ME WHAT WILL BE JOURNAL ENTRY
2-IS IT LIKE PROVISION FOR AUDIT FEE ETC
3-IS IT AN ITEM OF EXPENSES
CA Hardik Bunha
(Expert)
10 September 2011
standard assets dr
to provision
to provision
CA Pushpendra Gaur
(Expert)
03 October 2011
I believe the COntingent Provision should be created against P/L/ account like provision for bad debt
CA Pushpendra Gaur
(Expert)
03 October 2011
the entry suggested by Hardik is not appreciable as the above entry will reduce the amount of standards asset
CA Hardik Bunha
(Expert)
03 October 2011
@ mr.gaur entry suggested by u will be disallowed. tax will be more then.........
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