Provision for expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 June 2013
Sir,
Suppose on May' 2013 I receive a bill from the party dated: 05.03.2013 for an expense related to accomodation & fooding incurred on April'2012 whether I need to make a provision for the same in my Accounts on 31st march'13 or just treat it as a normal expenditure in F.Y: 2013-14. Also guide me about provisioning of expenses.
Suppose on May' 2013 I receive a bill from the party dated: 05.03.2013 for an expense related to accomodation & fooding incurred on April'2012 whether I need to make a provision for the same in my Accounts on 31st march'13 or just treat it as a normal expenditure in F.Y: 2013-14. Also guide me about provisioning of expenses.
01 June 2013
You need to make provision for expenses on March 31, 2013.
Provision for expenses means expenses which has been incurred but liability is not certain as bill is not raised by the service provider/supplier.
Provision for expenses means expenses which has been incurred but liability is not certain as bill is not raised by the service provider/supplier.
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