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Provisino entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2012 Dear sir,

In monthly closing ,I have to pay salary,conveyance,printing and postage exp 100000,20000,6000,4000 respectively for the month of Oct 12.
I have passed entry on 31.10.12. following entry

salary dr 100000
conveyance dr 20000
printing dr 6000
postage dr 4000
To respective provision a/c 130000.

I want to know on 01.11.12 what entry to be passed for avobe entry after paymet of this exp.

Regards
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Hemant Kumar

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Hemant Kumar (Expert)
31 October 2012 You have been passed provision entry is as
1) at the time of provision i.e. 31/10/2012
salary ac.. dr 1000000
conveyance ac. dr. 20000
printing ac.. dr. 6000
postage ac.. dr. 4000
to Provisions ac. 130000.
you have to be passed following entry at the time or after payment of provision amount.
2) at the time of actual payment..
cash/bank ac.. dr. 130000
to provision ac 130000.
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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2012 It means no any entry is passed on 01.11.12 .entry will be passed when payment is made
regards
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Anand Modi

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Anand Modi (Expert)
31 October 2012 Debit the respective provision account and credit cash/bank at the time of payment.
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