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What is provision ?

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What is provision ?

Posted by Karan Rathore 8 years, 1 month ago

CBSE > Class 11 > Accountancy

1 answers

Vicky Raghav 8 years, 1 month ago

Provision is an amount set aside ,by charging it to the profit and loss A/C or statement of profit and loss to provide for a known liability the amount of which can't be determined with accuracy. It is a charged in the profit and loss A/C on an estimate basis.

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