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What is provision and reserve and how u treat in account

Question Posted / kadari_nagam

Answers were Sorted based on User's Feedback



What is provision and reserve and how u treat in account..

Answer / khalid eqbal

Provision is an amount of money set aside from the
company's profit for unexpected liabilities for example:
provision for bad debt (a debtor who migh not be able to
make paymentsm then that would be a liability on the
company). I t is shown on the liability side of the
Balance Sheet or for bad debts then is take from the
companies assets

Reserves are not funds set aside like Provisions but
reserves are distributed in ways of dividends shares or
bouns

Is This Answer Correct ?    0 Yes 3 No

What is provision and reserve and how u treat in account..

Answer / rajani

reserves are made out of profits( can be made only when
firm is in profits)
and provisions are charged to P and l account

Is This Answer Correct ?    28 Yes 36 No

What is provision and reserve and how u treat in account..

Answer / sourabh jain

Provision is above the line item

&

Reserve is below the line item....

Is This Answer Correct ?    5 Yes 24 No

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