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Recording Reserves

Write the wor...

Question

Write the word/term/pharse which can substitute each of the following statement :

The Reserves created for specific purpose.

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Solution

The Reserves created for specific purpose- Specific Reserve

Explanation:
The specific reserves are created out of the revenue profits of a business for fulfilling specific purposes of the business. These reserves cannot be utilised for the purposes other than specified purposes for which they were created. For example: Dividend Equalisation Reserve, Reserve for Replacement of Asset etc.

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