Hi Sir or Madam
we are looking after Accounts of house keeping materials proprietor firm
i have some Idea that we can make provision for services like salaries, Monthly recurring expense
here a material worth of 10 lacs is received and advance of 10 lacs is paid however invoice is not yet received
Please advise Can I make provision for 10 lacs rupees material
Thanks in advance
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Provision for Materials
Replies (3)
No...
Provisions can be make for the expenditures C in the Accounting Year...
Ex : Salary for the month of March (or Before the Months).
Not possible to make future expenses...
Provisions can be make for the expenditures C in the Accounting Year...
Ex : Salary for the month of March (or Before the Months).
Not possible to make future expenses...
Yes you must pass necessary accounting entry .
I got tired of analysing this standard. Someone please post the answer or else I have to convert it to Indas because I presume there will be no tax compliances or impacts. How does this sound like.
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