Hi friends
in last year i created 100 provision as salaries payable and now I had paid only 70 as salaries due to varies reason
now I wanted to reverse the provision created
what is the entry.
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Provision reverse how
Replies (3)
these remaining 30 are provisions . if these are provisions in the last year. in the current tear you have to reverse . prov for salary Dr to salary expenses
so u are saying that to dr pand l a.c
1. Salary Dr 100
To Provision for salary/salary payable 100
(Provision for salary made during last year)
2. Provision for salary Dr 70
To Bank 70
(Being Salary payable paid partially)
3. Salary payable Dr 30
To P&L 30
(Being Provision reversed due to non payment)
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