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difference between provisions and reserves
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Answer Posted / 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.
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