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CBSE Class 11-commerce Answered

Distinguish between specific reserve and general reserve.
Asked by Topperlearning User | 08 Aug, 2016, 12:58: PM
answered-by-expert 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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