Reversal of provision
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 November 2011
Sir,
We have made the provision of Rs.100.00 against the work done and not billed by the contractors in the FY 2009-10. But the actual is finally determined in Rs.80.00 in FY 2010-11.
In P&L A/c for the FY 2010-11, Whether the excess provision of Rs.20.00 shall be deducted from the Current Year expenditure or to be shown otherwise.
Kindly resolve my query.
Regards,
Sai krishna
We have made the provision of Rs.100.00 against the work done and not billed by the contractors in the FY 2009-10. But the actual is finally determined in Rs.80.00 in FY 2010-11.
In P&L A/c for the FY 2010-11, Whether the excess provision of Rs.20.00 shall be deducted from the Current Year expenditure or to be shown otherwise.
Kindly resolve my query.
Regards,
Sai krishna
16 November 2011
The provision of Rs. 20 lakhs will be reversed in the current year by crediting P&L A/c and debiting the Provision A/c
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITR 4 and Bank transactions
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- EXPORT COMMERCIAL INVOICE HSN CODE
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
