Provisional entries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 May 2015
What are provisional entries? why are they entered at the year end march?. Please explain its reasons and effects too.
CA PARAS BAFNA
(Expert)
02 May 2015
While following mercantile system, provisional entries are made to ascertain the real position of profit/loss and assets and liabilities at the year end. If the provisions are not made for the expenses payable or income receivable, we can not ascertain the true profit/loss vis-a-vis the assets and liabilities of the concern.
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