What is the difference between provision and payable
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Answer Posted / anuruddh sharma
PROVISION; Provision is made in the books for those
liabilities which may probably be occur in the future and
provision is made for the amount on the basis of
estimation.
PAYABLE: Payable is a liability which has been occurred but
not paid. There is no need to estimate the amount.
| Is This Answer Correct ? | 63 Yes | 4 No |
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