Reversal of provision
This query is : Resolved
12 November 2011
how to reverse a provision which is in excess of actual required for ex ; car charges Rs 50000 provided but actually ascertained as 45000 only how to reverse the provision
Rajnish Singh
(Expert)
12 November 2011
DEAR RAM,
IF YOU TAKE THIS PROVISION IN THE LAST F.Y. THAN YOU SHOULD PASS THE FOLLOWING ENTRY.
@ PROVISION FOR CAR MAINT EXP DR.
TO CONCERNED PARTY LEDGER A\C 45000
TO CAPITAL A\C / PROFIT & LOSS A\C 5000
OR
IF YOU TAKE THIS IN THIS YEAR THAN
CREDIT PARTICULAR EXP A\C WITH 5000
IF YOU TAKE THIS PROVISION IN THE LAST F.Y. THAN YOU SHOULD PASS THE FOLLOWING ENTRY.
@ PROVISION FOR CAR MAINT EXP DR.
TO CONCERNED PARTY LEDGER A\C 45000
TO CAPITAL A\C / PROFIT & LOSS A\C 5000
OR
IF YOU TAKE THIS IN THIS YEAR THAN
CREDIT PARTICULAR EXP A\C WITH 5000
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