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Stock Write off

This query is : Resolved 
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03 March 2009 We run a retail brand. During the year 2008, we made a provision for writing off some stocks. Though the provision was made we did not remove these stocks from our inventory. During the last month we did a sale of 70% off and sold some of these stocks. We incurred certain expenses for selling them.

Now is it possible for me to reverse the provision to the extent of the profit made. Profit being (Total Sales – Expenses). i.e I am not accounting the sale in my top line. Instead I am reversing the provision made in the overheads to the extent of profit.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
16 March 2009 credit the excess provision i.e (profit - expenses)below the line as income under "excess provision made"




regards,,,,,,,,,,,,!
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