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Difference between provision & reserve

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(Querist)
17 November 2013 Difference between Provision & Reserve
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Prashanth

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Prashanth (Expert)
17 November 2013 Hi,

Provision=Charged to Statement of Profit and Loss i.e. (example Provision for bad debts,Warranties etc.)

Reserve:-Certain amount of profits are reserved for some purpose (example dividend,general reserve)

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