Meaning of Reserves
Meaning of Reserves
Reserves are the amounts set aside out of
profits. It is an appropriation of profits or accumulated profits to strengthen
the financial position of the business. Reserves are not set aside to meet a
liability or depreciation in the value of assets but is set aside to meet known
or unknown contingency that may arise in future. Examples are General Reserve,
Reserve for Expansion, Reserve for Equalisation of Dividends, Reserve for
Increased Costs of Replacement, etc.
The amount of reserve when invested in outside
securities, the reserve is termed as Reserve Fund. But when no specific
investment is made it is not called Reserve Fund but Reserve. General Reserve,
Workmen Compensation Reserve and Investment Fluctuation Reserve being
appropriation of profit are not shown in the Profit and Loss Account.
v Difference between Reserve and Provision
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