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Provisions

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(Querist)
09 June 2014 what is provisional entry
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
09 June 2014 accounting entry passed to provide for a forseeable future liability based on current events is called a provision entry.

For eg as you pay salaries on 20th of each month. then at 31 March, you need to create provision for 11 days of salary which shall be paid on 20th April.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
10 June 2014 for which there is no full certainity that there will be a liability in future
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Vishnu Saboo

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Vishnu Saboo (Expert)
17 June 2014 Provisional entries are made when any income or expenses is assessed on the basis of activities done, but the same cant be debited or credited to certain a/c.
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