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 Accounting  |  Question 59 of 153    Print  
What is the Provision? What is the Entry for Provision?

  
Total Answers and Comments: 2 Last Update: October 13, 2007     Asked by: vijay 
  
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July 22, 2007 08:12:03   #1  
anirudhsanthanam Member Since: July 2007   Contribution: 7    

RE: What is the Provision? What is the Entry for Provi...
provision means charge against profit for future contigencies
 
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October 13, 2007 02:48:55   #2  
jagadish        

RE: What is the Provision? What is the Entry for Provi...
Provision means liabilities It means payable account  it's an very usefull for controlling payable accounts like telephone charges, ESIC accounts, EPF accounts,
 
EPF payable accounts Dr
to EPF accounts

ESIC payable accounts Dr
to ESIC account

 
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 Related Questions

Should the Cash Discounts GL hit the Balance Sheet in SAP from US concept. If yes then why? Or If No, they why?Please explain how the entry flows and also how would you clear the Open item in cash discount GL and analyse the reason for the same.
Read Answers (1) | Asked by : John Mathew

Latest Answer : Adjusting entries are not "correcting entries."  By textbook definition, they are periodic entries made to satisfy the revenue recognition principle and matching principle.  They never involve the cash accounts, and must involve one income statment ...

Latest Answer : Provisions are to allocate an amount to meetout the requirement.Reserves are made avaialble to meet business demands eg., meet out obsoletions, to meet out expansions etc.,By and large provisions will have revisions, reserves will not have. ...

Latest Answer : Double entry book keeping system was first mentioned by "Luca De Bargo Pacioli" in his book Summa de arithmetica in 1494.He was a classmate of Leonardo Da Vinci. The book Summa De Arithmetica was basically about maths and arithmatics. But double entry ...
Read Answers (7) | Asked by : ferozbm

Latest Answer : Provision means liabilities It means payable account  it's an very usefull for controlling payable accounts like telephone charges, ESIC accounts, EPF accounts, EPF payable accounts Dr to EPF accountsESIC payable accounts Drto ESIC account ...
Read Answers (2) | Asked by : vijay

Who invented double entry system? 
Latest Answer : It is not really known but the one who is credited for the same is LUCA DE BARGO PACIOLIhe was calss mate of Leonardo da Vinci.book Summa de arithmetica in 1494 was wrote by himThis book mentions double entry book keeping system as one of the methods ...
Read Answers (1) | Asked by : Raj Kumar

View Question | Asked by : Sajith


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