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Wrongly made provision

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4 Points Posted on 15 September 2020
hello sir, I have one query last year wrongly made provision now I want to correct this provision how to pass correct entry in current year.
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On 15 September 2020 at 21:35 Report
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Audit & Assurance
13864 Points Posted on 16 September 2020
If the provision is created for the previous year, you need to reverse the provision in the current year and create new provision or in case of outstanding liabilities pay the due amount.
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On 16 September 2020 at 11:29
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4 Points Posted on 16 September 2020
👍🙏🙏
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On 16 September 2020 at 20:13
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67 Points Posted on 16 September 2020

Provision A/c- Dr.

To Profit and Loss Account

Reverse the provision- simple and create a new valid provision

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On 16 September 2020 at 20:32


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