Difference between Provision & Reserve?
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Answer Posted / nishanth loyal
Provision is considered as an expense. so that the amount is
entered in the P&L a/c.It is allotted for the specific
purposes. Then only we are going to know Profit or loss.
After finding that the company is earning profit we are
going to allot the reserve out of profit for general purpose.
Both the amount is for precautionary purpose. But the former
one is considered as expense and latter is considered as
liability.
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