Interested to Buy Any Domain ? << Click Here >> for more details...
what is provision what is the difference between provision
& reserve
- 4 Answers
- 7985 Views
- IBM, Sand Martin, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
provision:provision usually means any amount written off or
retained by the way of providing depreciation, renewals or
diminutions in the value of assets or retained by way of
providing for any known liability of which the amount can
not be determined with substantial accuracy.
reserves: that portion of current earnings set aside to
take care of possible future losses or for other specified
purpose.
difference:provision is charge against profits while
reserves is an appropriate of profits.
creation of reserves increase proprietor's fund while
creation of provisions decrease his funds in the business.
| Is This Answer Correct ? | 9 Yes | 2 No |
Provisions means some expenses incured at the time closing
the account but payment not yet paid /the amount to be held
ith us that belongs to others
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / sandeep
Provision will be made for known liability or loss (its not the actual a/m of loss or liability)
Reserve will be made for unknown liability which is upcoming.
(not actual assumed portion)
| Is This Answer Correct ? | 2 Yes | 1 No |
Can we Put "TAX INVOICE" in the sale in Transit (E1) Invoice.
Hi Everybody, 1). Can anybody tell me the Journal entry for Bank charges Rs.100 and under which account it will come. 2). Received interest from Bank what is the journal entry, under which account it will come, Awaiting for soonest reply, Thanks, Khan
What will be journal entry of provision for income tax in current year and Adjustment entry in next year
What are premises in accounting sense? What is vat adjustment?
what is the difference b/w gain and profit?
How to create Sundry Creditors and Sundry Debtors Aging analysis.
how to maintain the capital account
what is accounts payable ..what is accounts receivable
what is ment by suspence account and dummy account
what is the difference between accrued and due
pass journal entries of the following transaction in the books of AG sindh, AGPR,FTO and SBP: 1)DDo sindh house submitted a bill for purchase of furniture to AGPR islamabad for Rs.200000 on 20th March 09; 2)AGPR issued cheque on 2nd april which was cleared by SBP on 5th April; 3)On 26th may, voucher were exchanged in the clearing house; 4)On 28th May, AG sindh issued advise to settlement to SBP karachi; 5)On 5th june,SBP HQ karachi sends a copy of clearnce memo along with bank statement to AG sindh and AGPR for settlement made on 31st May.
Hi all, can anybody help me with the mutual fund (AMC)accounting. I would like to know the accounting entries for subscriptions (premium/discount), redemptions (premium/discount), fund expenses, buying/selling securities by the fund and other fund management related accounting entries.
Audit 
