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) ****

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.

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

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

I purchased a Car & paid 10,000/- Rs. Cash & 50000/- Rs. By Loan. What will be the Entry ??

7 Answers   Focus,

---

What is actual meaning or procedure of Revenue recognistion in SAP FICO Module?? Why we use VF44 TCode in RR run ??

1 Answers  

---

please tell me the 'R2R' interview questions and answers ?

1 Answers   Accenture, Dr Reddys,

---

I wana give interview as a accountant what the question will asked by interviewer ??? Please suggest me so I can clear inteview. abhinandan

0 Answers   Genpact,

---

Increase in one equity with no change in the asset will result in .................... of another equity

1 Answers  

---

What is the Full Procedure of Purchase ?

0 Answers   Ne Rubber Mills,

---

What is the difference betwween letter of credit and contract of gaurantee.........in what situations these will issued by whom?

1 Answers  

---

on 01/04/2009 Goods sold to Mr."A' on Credit at $ 1000. Exchange Rate :- 01/04/2009..........$50.00 at payment Date Exchange Rate :- 01/05/2009..........$48.00 What is Journal Entry..?

2 Answers   GTS,

---

difference between outstanding and accrued exp.?

2 Answers   Genpect,

---

What is peach tree accounting?

0 Answers  

---

why sales amount comes in Credit Side in Trial Balance ?. Please give me Explanation Why Purchase amount comes in Debit side in Trial Balance ?. Please give me explanation.

1 Answers  

---

what is the basic difference between pooling of interest method and purchase method in amalgamation

0 Answers  

---