Provision
This query is : Resolved
Nitin sharma
(Querist)
09 September 2015
what is the provision
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.
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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