PROVISION : Provision is a charge to P&L a/c. 
RESERVE : Reserve is an appropriation of profit. 
provision : it is because of legal necessity.
reserve : it is a matter of finavial prudence.
provision : creation of provision decreases the funds of the business.
reserve : creation of reserve increases the working capital of the business.
provision : can be made irrespective of profit / loss
reserve : cannot be made when there is loss.
provision : are made against expected losses.
reserve :safe guard against unexpected losses and there by to strengthen the financial position of the company   _{Your Comment}