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Reversal of provision

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Querist : Anonymous

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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
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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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