Provision
This query is : Resolved
13 April 2012
Sir,
My firm is a partnership firm.Their are bills for Electricity ( MSEB)Telephone (BSNL)Mobile ( Vodafone) and Internet Charges ( Tata) for Month March which I am making Payment in April till today.
Please say me can their should be provision for all this expenses in march.
What should be the account head for all this expenses and under group Provision or s.creditors.
Please Reply.
Thanks & regards
My firm is a partnership firm.Their are bills for Electricity ( MSEB)Telephone (BSNL)Mobile ( Vodafone) and Internet Charges ( Tata) for Month March which I am making Payment in April till today.
Please say me can their should be provision for all this expenses in march.
What should be the account head for all this expenses and under group Provision or s.creditors.
Please Reply.
Thanks & regards
13 April 2012
Provision is to be made in the month of march. Account head " Provision for expenses"
13 April 2012
Provision should be made in march and you will get the deduction also.
14 April 2012
As per accrual concept, expenses for the month of march has to be provided in march only. electricity charges can be grouped under Power & Fuel and others under Communication expenses and the same can be credited to expenses accrued.
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