Answer / rishita

Provision is for a specific future expenses (may or may not
incur) and reserves are the accumulation of profits that
are not distributed

Answer / vijay ram.s

provision is prepaired beforth net profit calculaton, but
resurves are prepair after calculation of net profit
provisions are not depend on profit,if firm contain losses
also we cen make provisions,but reserves are not like that
when firm get profit then only we cen provide fund for
reserves

Answer / raghu.aps eveing v b.com

Provision refer s to both thing one is Provisions for
Expenses
and second one Prv for Income

when entry passed for expsenss prov
Expenses account dr
To Expenses payable accounts Cr

for Income

Income receivable Dr
Income Account Cr

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