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What is the difference between provision and payable
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Answer Posted / rajesh
provision : provision entry made during end of the
financial year. for eg: we have to pay salary for
march .and we are paying 4th april'08. below entry should
be created
Dr salary a/c
cr Salary payable a/c
Payable : payable is our liability for every month. it may
TDS payable,VAT payable,& etc..
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