Answer / madhulika2011

Difference between Reserves & Provisions.....
Reserve is to strengthen the financial position and to meet future unknown losses and liabilities.
Provision is to meet known losses and liabilities the amount of which is not certain.

Difference between Accumulated Reserves & Surplus......
Accumulated reserves which a company has put aside over a period of years.
Surplus is when there is an excess supply of a product. Prices are driven down by surpluses.

Answer / praveen kumar

provisions are charged to p&l a/c but reserves are appropriated from profits of that period. when profits are available then we can reserve some profits but provisions are charged to p&l a/c if there is profit or not. provisions are deducted from relevant asset but reserves are shown in the liabilities side.

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