WHAT IS THE ENTRY FOR BOOKING PROVISION...? IS IT
COMPULSARY FOR BOOKING PROVSION IN ACCOUNTING?
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Answer Posted / 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) ****
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