Provision for salary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2015
Dear Expert,
Is it mandatory to pass provision entry for salary for each month or no need to pass in the books of account. Is it good to pass entry in the month of payment means next month only. Plz support your answer with AS or notification something.
Thanks in advance
Is it mandatory to pass provision entry for salary for each month or no need to pass in the books of account. Is it good to pass entry in the month of payment means next month only. Plz support your answer with AS or notification something.
Thanks in advance
CA. Sunil Gokhale
(Expert)
17 June 2015
No need to make provision every. Salary is recorded when paid. Provision is made only to record outstanding salary, if any, at the end of the accounting year so that the expense is booked to arrive at the correct profit/loss for the year.
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