Menu
Provision For Sales Invoice
Can we book provision for income i.e. sales invoice if we dont know the party to whom the invoice to be raised but we know the quantity and amount to generate the invoice??
Replies (2)
No. Because there should be an uncertain obligation which will result in a liability which is probable with reliable estimates to raise a provision. If the party name is unclear, take it to suspense account.
Obviously you can make provision for doubtful debt because knowing the party is not necessary if it will make default you have provisions to make it good but if it will pay your amount mention his name
Recent Topic
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
- Section 54F exemption for buying a plot
Related Topics
CAclubindia
