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what is a difference b/w provision and reserve
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Answer Posted / aneesh nair
Reserves are appropriations of profit namely when profits have been ascertained after deducting all expenses which includes provision and others. Reserves are residual earnings after all expenses and taxation which belongs to the owners namely the shareholders.
There are essentially two(2) types of Reserves:
Capital Reserves
Revenue Reserves
Provisions are those where the liability existance is certain, but the amount of liability cannot be determined with substantial accuracy.
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