Answer / venkat

Provision is Income tax payable;PF Payable;Salary payable
any expendature will pay the with in one year.
For example Feb-2010-salaries will be paid to march-2010 so
Feb-2010 will provision of salaries
Reserves-is presently company position in full profit so
10% profit transfered to Reserves.

Answer / srinivas.s

provision is for a specific purpose and Reserve is for a
genaral purpose.for example provision for bad debts and
depreciation, general reserve.

Answer / nagaveni

Provision: As per accounting standard 29 it is charge on
profit and it is a known liability some amount kept aside
for the specific work
Reserve: it is appropriation of profit and some amount kept
aside to meet the future obligations

Answer / naidu

Hello, everyone. Provisions and Reserves both imply setting
aside a stipulated amount to meet a situation, foreseen or
unforeseen.
However, although both of them serve the
same purpose, there is a big difference between both of
them being that RESERVE needn't necessarily be specific and
may be utilised towards meeting any obligation like issuing
bonus shares to shareholders or even forwriting off bad
debts
while,
PROVISION indicates an amount set aside for a
specific purpose like for covering bad debts, payment of
excess tax, if any, etc.

Answer / v.naga jytohi

Provisions means the amount provided for baddebts.
Reserves are contengecies which are provided for losses
occured due to Natural calamities like floods,sunami etc.

Answer / abhay pandey(genpact)

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.

Is it mendatory to provide deferred tax asset, where the management not expecting taxable profit in the subsequent financial years.

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