what are the similarities between provision and reserve?
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Answer Posted / k.thirumamagal
as devi said provision is charge against profit and reserves
are appropriation of profit. provision is minimum amount
which is set aside by the company to meet the known
liabilities and reserve is set aside to meet the unknown
liabilities.
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Opening stock 17499565 purchses 89693855 expanditure 1735800 deprciation 223309 patner salary 300000 interst paod 937500 provisions 119265 sales 91600120.adjustment 1 gross profit is 6.72percentage on sales.2.net profit is 3.10 percent on sales
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