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Reservve & Provision

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 August 2010 Hi All the Professionals,

we Receipt a sum of Rs 25,00,000/- dated 20-05-2010 on Account of Intrest from one of our customer due to late payment.

The above payment was for the f.y 2008-2009.

But we did not make any provision for the f.y 2008-09.

Can any one tell me, how the above amount is adjusted and what will be the necessary entry to be made on f.y 2010-11
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
11 August 2010 My suggestion is , need to credit Other Incomes
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srinath

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srinath (Expert)
11 August 2010 i think this would be prior period exp since there is a mistake on ur part... u should ve passed a provision entry wen it was certain
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