fund,provision,reserve
This query is : Resolved
06 June 2009
what is difference between fund, provision and reserve. Give accounting treatment of any fund which is create for purchase of Assets.
06 June 2009
Fund means any amount kept aside for specific purpose. Provision means any expense / liability is provided on estimated basis. Reserve means surplus earned by entity.
A/cing Entry for fund:
Reserve A/c... Dr
To Asset Procure Fund A/c
(Reserve is debited since the fund will be created out of surplus available)
A/cing Entry for fund:
Reserve A/c... Dr
To Asset Procure Fund A/c
(Reserve is debited since the fund will be created out of surplus available)
06 June 2009
Fund means any amount kept aside for specific purpose. Provision means any expense / liability is provided on estimated basis. Reserve means surplus earned by entity
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