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Question
_________ are known as an amount kept aside and retained in the business for future needs.
_________ are known as an amount kept aside and retained in the business for future needs.
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Solution
The correct option is D Reserves
Reserves are appropriations against profits, they are created from profits for future applications. Net profit at the end of the year is transferred in specific proportions to Reserves keeping a side this parts of profits.
Reserves are appropriations against profits, they are created from profits for future applications. Net profit at the end of the year is transferred in specific proportions to Reserves keeping a side this parts of profits.
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