what is difference between provision and reserve ?
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Answer / rishita
Provision is for a specific future expenses (may or may not
incur) and reserves are the accumulation of profits that
are not distributed
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Answer / vijay ram.s
provision is prepaired beforth net profit calculaton, but
resurves are prepair after calculation of net profit
provisions are not depend on profit,if firm contain losses
also we cen make provisions,but reserves are not like that
when firm get profit then only we cen provide fund for
reserves
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Answer / raghu.aps eveing v b.com
Provision refer s to both thing one is Provisions for
Expenses
and second one Prv for Income
when entry passed for expsenss prov
Expenses account dr
To Expenses payable accounts Cr
for Income
Income receivable Dr
Income Account Cr
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