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Wrongly made provision
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.
Replies (3)
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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Provision A/c- Dr.
To Profit and Loss Account
Reverse the provision- simple and create a new valid provision
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