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
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