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Provisional entries

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Querist : Anonymous

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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.
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CA PARAS BAFNA

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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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