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Provision

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(Querist)
09 September 2015 what is the provision
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Vishnu Saboo

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Vishnu Saboo (Expert)
15 September 2015 as per meaning of Provision, you have to make provision for something.
like if you are known that any kind of income or expense must be booked but due to some reason like unavailiablity of proper documents you can not post entry. so you have to post provision entry for such amount for closing period, and have to reverse the same upon actual income/expenses arrived.
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