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WHAT IS THE ENTRY FOR BOOKING PROVISION...? IS IT
COMPULSARY FOR BOOKING PROVSION IN ACCOUNTING?
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Answer Posted / motilal verma
It is compulsory for booking for provision because without
provision you can not make a balence sheet with 100 %
Accurate. suppose you are closing financial year on 31
march and up to 31 March you can not book some exp like
income tax(based on calculation of net profit) , tel bill
(March) , water bill(March).
Income tax A/c ........Dr.
water Exp A/c..........Dr
To Prov for Income tax.
To Prov for water Exp.
hence it is compulsory as per company and income tax act.
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