Provision For Future Obligation

by Sundar
(Australia)

I shall thank you to advise me on the following.

Last financial year $500 was provided to meet the auditor's fee and other contingencies. The entries were

Dr Contingent Expenses $ 500.00
Cr. Provision for Contingent Expenses $500.00


This financial year $ 300.00 was paid as Auditor’s fees (relevant to last financial year). How should the entries be?