CBSE Class 11-commerce Answered
Distinguish
between specific reserve and general reserve.
Asked by Topperlearning User | 08 Aug, 2016, 12:58: PM
Expert Answer
Basis |
Specific Reserve |
General Reserve |
Purpose |
It is created for specific purposes |
It is not created for specific purposes |
Available for |
It is not available for any future contingencies or expansion of business. It is utilised only for that purpose for which it is created |
It is available for any future contingencies or expansion of business. It strengthens the financial position |
Examples |
Dividend equalisation reserve, debenture redemption reserve and development rebate reserves |
Contingency reserve and general reserve |
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