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WHAT IS THE ENTRY FOR BOOKING PROVISION...? IS IT
COMPULSARY FOR BOOKING PROVSION IN ACCOUNTING?

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WHAT IS THE ENTRY FOR BOOKING PROVISION...? IS IT COMPULSARY FOR BOOKING PROVSION IN ACCOUNTING?..

Answer / sangeethag

Provision entry is not compulsory. When we have not
received routine expenses like telephone expenses, postage
etc. we have to make provision for the month of closing so
that we can have exact profit otherwise the profit may
high.

Entry for provision:

Expenses (P&L) Dr. ****
To provision a/c (BS) ****

Is This Answer Correct ?    14 Yes 0 No

WHAT IS THE ENTRY FOR BOOKING PROVISION...? IS IT COMPULSARY FOR BOOKING PROVSION IN ACCOUNTING?..

Answer / 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.

Is This Answer Correct ?    1 Yes 0 No

WHAT IS THE ENTRY FOR BOOKING PROVISION...? IS IT COMPULSARY FOR BOOKING PROVSION IN ACCOUNTING?..

Answer / hemanta behera

Provision is compulsory. provision for dept compulsory
Ex
Badept 5000
provision for dept 12000
The entry is
Badept 5000 Dr*
provision for badept 12000 Dr*
To debtor

Is This Answer Correct ?    2 Yes 2 No

WHAT IS THE ENTRY FOR BOOKING PROVISION...? IS IT COMPULSARY FOR BOOKING PROVSION IN ACCOUNTING?..

Answer / manjunath.r

provision :- It is compulsory for booking for without you
can make balance sheet

any expense you not recorded in entery book that time will
be accpeted

Is This Answer Correct ?    1 Yes 1 No

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