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Reserve is created against the charge of the profit and loss appropriation account.
Reserves are created to meet an unknown liability, or to strengthen the financial position of the company or for equalization of dividends. A reserve is created only when there is profit in the business.
Provision is created against the charge of profit and loss account.
It is created to meet a known liability or a specific contingency, e.g.. provision for bad and doubtful debts, or provision for depreciation etc and we can created irrespective of whether there is profit or loss in the business.
RESERVE : created to face emergency situations ( not for certain asset or liability )
provision: created against uncertain in the value of known liability or asset
I Don't Know What Is The Provision Mean?
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