what is a difference b/w provision and reserve
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Answer Posted / venkatesh
provision and reserves are maintained under the profit and
loss account only.the main differance bet ween the
provision and reserves are
provision:
Provision is created out of profits for the perticular
purpose of exependiture only.
ex:provision for income tax and provision for depreciation
etc...
Reserves:
Reserves are maintained for the purpose of future
obligations.Those reserves are also different types.
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