Provision
This query is : Resolved
KRISHNA PRIYA P B
(Querist)
10 June 2013
hai,
i am working with central government educational institution.
while preparing 2012-2013 annual accounts, it has been noted that there is some mistakes in provision written off in the previous years.
provision created for 2010-2011 is 50 lakhs
they writen off 50 lakhs by reversal entry in 2011-2012. besides they debit around 40 lakhs in provision account against payment bills. therefore it has the effect of 90 lacs written off in 2011-2012 against provision of 50 lakhs.
how can i correct this in 2012-2013.
it will be very helpful if u reply to this query
i am working with central government educational institution.
while preparing 2012-2013 annual accounts, it has been noted that there is some mistakes in provision written off in the previous years.
provision created for 2010-2011 is 50 lakhs
they writen off 50 lakhs by reversal entry in 2011-2012. besides they debit around 40 lakhs in provision account against payment bills. therefore it has the effect of 90 lacs written off in 2011-2012 against provision of 50 lakhs.
how can i correct this in 2012-2013.
it will be very helpful if u reply to this query
Rupesh Jain
(Expert)
13 June 2013
make rverse entry in bbok of rs. 40 lacs
and book as exp of rs. 40 lacs
and book as exp of rs. 40 lacs
Message likes :
1 times
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- GSTR-9C filing
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Import Order Cancelled.
- Royalty payments to the Mining Department for procurement of murum - GST input
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
