what is a difference b/w provision and reserve
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Answer Posted / sandheep
Provision is a present obligation of a company from past
event. It is created for a known expense and its treatment
is charging in P/L. Reserve is created for an unknown
expense and it is an appropriation of profit.
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Hi, I would like to check if my understanding is correct I have a negative amount for provision of income tax in my balance sheet from my previous financial year.What are the accounting treatments for income tax paid and then refunded to you for the current year? Is this correct? For payment Dr provision of income tax cr bank For tax refund Cr provision of income tax Dr bank Do I need to input anything in income tax expense acct?
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