Interested to Buy Any Domain ? << Click Here >> for more details...
what do mean by reserve and provision both are same or not?
- 6 Answers
- 10514 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / rupali
Reserve means profits set aside for future use.May be for
specific or general purpose. This is a part of
Shareholders' Equity.
Provision is planning for expenses which are due / accrued
in the current year but payable in future / next year.
Hence Reserves & Provisions are not same.
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / swapnananda
reserv kept for use in fufure,but provision is an expense
for the organization.reserve and provision is not same.
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / ravinder chandel
reserves are used in future,these as remained accourding to
future planing , & provission are used to fulfil present's
exp.which actualy used but not completely.
so reserves are feuture orianted & other end Provissions
are for current exp.
| Is This Answer Correct ? | 3 Yes | 1 No |
Reserve is created for unknown liability which is not recognised & it is a part of shareholders' capital .
Provision is created for known liability which may happen in future.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / rangapadmaja
provision is charge on profits
reserve appropriation of profits
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sandhya
Reserve is amount set aside for future expense and
provision is amount paid for future expense.
| Is This Answer Correct ? | 1 Yes | 0 No |
wahat is the journal entry for cheque paid for collection but not collected?
What are mis reports and how do you prepare it?
What is meant by partitioning?
Tell me what is accrual accounting?
hi, M a fresher who started work in an event management firm as an accountant recently, and i don't know the head o tail of what to be done., worse part is its a small firm, and i have to learn everything on my own,:( so if anyone could guide me pllleeeeeesssssssseeeeeeee help... its really very urgent.. I'd be very grateful...
what is paroll
What is the Entry of A Demand Draft is prepared for rs.4500 from UTI bank after bank charges?
Define a company's payable cycle?
How to pass advance entry in tally, and how it should adjust against future invoice.?
why the accounts as personal real and nominal
WE PURCHASED ONE ASSET,HOW CAN WE CALCULATE EXCISE DUTY,VAT,SERVICE TAX?[IN CASE OF SELLING PURPOSE OR OWN PURPOSE].SHALL WE CLIME CREDIT ON THAT?THEN HOW?
HOW TO CALCULATE INPUT TAX CREDIT (ITC) ?
Audit 
