Answer / g.ravi

Provisions are those where the liability existance is
certain, but the amount of liability cannot be determined
with substantial accuracy.

In case of reserves, the liability is not known. but some
amount of profits are kept aside for meeting the
contingencies that might become actual liabilities.

Answer / shiju

The main difference is a provision always made for meeting
some specific contingencies,like provision for depreciation
etc.But reserves is a part of profit it setaside out of the
net profits earned,and it dont have any special purposes
usually.

But in some cases the there is a restriction regarding the
use of reserves.

Answer / imran khan

Provisions are those where the liability existance is
certain, but the amount of liability cannot be determined
with substantial accuracy.

In case of reserves, the liability is not known. but some
amount of profits are kept aside for meeting the
contingencies that might become actual liabilities.The main
difference is a provision always made for meeting
some specific contingencies,like provision for depreciation
etc.But reserves is a part of profit it setaside out of the
net profits earned,and it dont have any special purposes
usually.

But in some cases the there is a restriction regarding the
use of reserves.

Machinery Rate is 12000/- and residual value is 2000/- and life span is 10yrs.Calculate the dep in Straight line method.

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42. G.Simkins sends back stock to J.J. Fabrics (a supplier), having originally purchased it on Credit. J.J. fabrics issued a Credit note for the value of these goods. In simkins’ books, the double entry for this transaction should be. a) Debit : J.J. Fabrics; Credit purchases b) Debit : purchases; credit J.J. Fabrics c) Debit : J.J. Fabrics; credit purchase returns d) Debit: purchases returns; credit J.J Fabrics.

2 Answers   Amazon,

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in what form is crr kept in RBI?

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