Question

6. State the reasons whether the following is a Provision or Reserve?
a. A sum retained to provide for loss that may arise out of dubtful debts.
b. A sum set aside to provide for repayment of debentures.
c. Amount retained as depreciation to provide for repayment of debentures.
d. Surplus arising on revaluation of fixed assets.

Answer 1

Explanation:

(A ) a sum retained to provide for loss that may arise out of doubtful debts.

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