provision no longer required written back
This query is : Resolved
13 February 2009
Provision was made against doubtful debtors. Subsequently payment was received from debtors. As such provision earlier made has to be written bakc. Whether such write back can be shown under the head income or not. What should be the correct way of presentation.
15 February 2009
In financial accounts, you can show the reversal of excess provision as other income.
for income tax purposes, this will not be taken as income
for income tax purposes, this will not be taken as income
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