Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C3 Provisions and Reserves1 Mark
Question
Give four illustrations of provision
✓
Answer
Following are the illustrations of provisions.
$(i)$ Provision for repairing or renovation of an asset in future.
$(ii)$ Discount reserve fordoubtful debt on debtors.
$(iii)$ Provision for depreciation.
$(iv)$ Provision for taxation.
$(v)$ Providend fund.
$(vi)$ Pension fund.
$(vii)$ Workmen's profit sharing fund.
$(viii)$ Outstandingbonus of employees.
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