Difference between Provision & Reserve?
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Answer Posted / akhil gupta
Reserve is created against the charge of the profit and loss appropriation account. Provision is created against the charge of the profit and loss account.
Main objective of reserve is to strengthen the financial position and to meet future unknown losses and liabilities. Objective of provision is to meet known losses and liabilities the amount of which is not certain.
Reserve is created when there is enough profit in the business. Provision is created even if there is loss in the business.
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