what is the difference between contingency reserve and general reserve
Dear Student,
General Reserve is created to strengthen the business and in future it can be used for any of the purposes. While Contingency Reserve is prepared for some contingent liabilities for which company may be liable to pay in near future.
Regards
General Reserve is created to strengthen the business and in future it can be used for any of the purposes. While Contingency Reserve is prepared for some contingent liabilities for which company may be liable to pay in near future.
Regards