Reservve & Provision
This query is : Resolved
Querist : Anonymous
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
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
11 August 2010
My suggestion is , need to credit Other Incomes
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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