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what diff. between laibilities and provision?
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Answer / jyothi
provision is created for future liability where as liability
is already incurred
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / rohtash bhardwaj
laibilities related for due course but provision creates
for future liability
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / rohtash bhardwaj
Liability is determine but provision is based on estimates
for future.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sunil kumar
Liabilities refers to debts due from a business to others
either for money borrowed or for goods & services received
without making immediate payment.
whereas A provision in accounting is usually an estimate of
a cost that may take place in the future, The usual
treatment is to deduct the amount of the provision from the
balance of another account.
| Is This Answer Correct ? | 1 Yes | 0 No |
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What is the logic behind this entry P & L Appropriation A/c ..........Dr. To Provision for income tax A/c
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