Question

provisions and reserves​

Answer 1

Answer:

In short, a reserve is an appropriation of profit for a specific purpose, while a provision is a charge for an estimated expense

Explanation:

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Answer 2

Answer:

Provision:-

It is created our of profit and loss account to meet the probable liabilities or losses. provision is made for special purpose.

Reserve:-

the purpose of creating general reserve is to increase financial soundness of the business small to meet with expenses and it is created out of profit and loss appropriation account.