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what do mean by reserve and provision both are same or not?
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Answer / rupali
Reserve means profits set aside for future use.May be for
specific or general purpose. This is a part of
Shareholders' Equity.
Provision is planning for expenses which are due / accrued
in the current year but payable in future / next year.
Hence Reserves & Provisions are not same.
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / swapnananda
reserv kept for use in fufure,but provision is an expense
for the organization.reserve and provision is not same.
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / ravinder chandel
reserves are used in future,these as remained accourding to
future planing , & provission are used to fulfil present's
exp.which actualy used but not completely.
so reserves are feuture orianted & other end Provissions
are for current exp.
| Is This Answer Correct ? | 3 Yes | 1 No |
Reserve is created for unknown liability which is not recognised & it is a part of shareholders' capital .
Provision is created for known liability which may happen in future.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / rangapadmaja
provision is charge on profits
reserve appropriation of profits
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sandhya
Reserve is amount set aside for future expense and
provision is amount paid for future expense.
| Is This Answer Correct ? | 1 Yes | 0 No |
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