Meaning of provisions
Meaning of
provisions
Provision is an amount set aside, by
charging it to the Profit and Loss Account or Statement of Profit and Loss (in
case of companies), to provide for a known liability the amount of which cannot
be determined with accuracy. It is charged in the Profit and Loss Account on
the basis of best estimate. In other words, a provision is a charge against
profit for the purpose of providing for any liability or loss. Provision for
Depreciation, Provision for Doubtful. Debts, Provision for Repairs and
Provision for Tax are few examples of provisions. Provision differs from
liability to the extent that provision is an estimated amount while liability
is determined amount. For example, providing for wages of 50,000 payable for
the month of March is a liability. Thus, Provision is an estimated amount set
aside to meet an uncertain loss or expense in future.
v Difference between Reserve and Provision
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