What is provision ?
Ritika Jawahar Thaker
Asked: 2 years ago2022-10-29T05:26:41+05:30
2022-10-29T05:26:41+05:30In: Class 11
What is provision
What is provision
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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.