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Reserves must be kept
Reserve and its types to be kept out of profit for sole propertiors,partnership and pvt ltd?
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Sole Propertiors not keep any reserve because he is not paying Dividend and other contingencies etc , however in case of partnership firm and Pvt ltd they have to pay other type of contingency from reserve , so they have to mainten reserve .
However , sole proprietors also can mainten reserve surplus for Reserve for bad debts , reserve for Discount on creditors , etc .
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