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Provisions

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 May 2012 We have given provisions for Audit fee payable for Rs.20,000-00; TDS payable Rs. 22000-00; Income Tax payable Rs.90000-00 and Rent payable Rs.75000-00 in the financial year 2010-11 in balance sheet. The above amounts are paid in 2011-12 financial year by way of cash. Whether we will take those amounts in debit side of Profit and Loss account in the financial year 2011-12. Can you give reply.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
11 May 2012 The entry will be as under:

Provision A/c Dr
To Bank
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