What is Journal Entry for Provision for Leave Salary
Answer Posted / shameemudheen
1 Entry has to pass on every month end
Leave Salary DR
Provision for Leave salary CR
(Being Leave salary expenses)
2nd entry should pass agaist the first entry
Provision for Leave salary DR
Bank AC CR
(Being leave salary expenses paid from bank subject to provision made (specific month)
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example wrongly financial statments showing vat refund (under Advances) for the finanical year 08-09 , but present assement year after assement by cto given vat refund more than ledger showing balance then decided to every month set off vat payable to vat refund(advance) but more than recoverd compare with company and cto then what is the entry to be take.
please explain all accounting concepts n conventions in detail
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