What is the entry for making a provision of Audit Fees? and what entry to be recorded if there is an excess provision and we want it to make appropriate provision for the expense?
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Provision of Liability
Replies (4)
Audit Fees Dr. 100
To Creditors (Vendor A/c)
To TDS (Liability)
I cant get ur 2nd question?
If excess provision is shown then a true and fair view of the financial statements will not be shown, then to get a correct picture we decrease the provision to the appropriate amount? So what is the entry passed at that time?
You can reverse the entry by the same amount.
Creditors(vendor) Dr.
TDS liability Dr.
To Audit Expenses
Any query on this treatment.
agreed with ankits answer....simple journal entry..u should know this devendra...u r now a c.a. student....any way doubt is doubt u r always welcome
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