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Mayur Patil (Article) 05 November 2018
Electricity exp A/c dr.
To provision for electricity exp
When you make payment of bill
Provision for electricity exp dr.
As per my knowledge distribution of electricity service is exempted in gst
Mayur Patil (Article) 07 November 2018
As per the matching concept and mercentile system the expense you incurred in any financial year those expenses you've to show in same financial year.
So, the bill of march you'll receive in april and if you pass entry in April the financial will change so that's why in the month of march provision required
In rest months question will not arise regarding change of financial year.
So you can pass J.V. 7th of every month but in March provision required
Besure you're following accrual / mercentile base accounting. This concept not applicable for cash base accounting
V P Narasimhan (Accounts Manager) 08 November 2018
Utility Bills viz., MES,Telephone & Insurance at times Interest debits after the F Y can also be considered in single a/c head such as
Provision for Expenses & if a schedule has been taken it can be set off when since paid subsquently