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difference between provision and reserves

Asked by sntshtrk530 6th November 2017, 8:12 PM
Answered by Expert
Answer:
Provision and reserve can be differentiated based on
  • Provision is maintained to meet specific liability where as reserve is maintained for specific purpose 
  • Provision is a charge against the profit whereas reserve is an appropriation of profit
Answered by Expert 7th November 2017, 9:32 AM
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