No almost they are same and we have to distribute that reserves between partners

General Reserve:
General Reserve refers to the surplus funds that a company sets aside from its profits for general purposes. It is a part of the company's retained earnings and is not earmarked for any specific use or purpose. General Reserve represents the cumulative profits of the company that have not been distributed as dividends or allocated for any specific investment or expenditure.

Reserve Fund:
Reserve Fund, on the other hand, is a specific type of reserve that is created to meet specific financial obligations or contingencies. It is a portion of the company's profits that is set aside for a particular purpose. Reserve funds are established to provide a financial cushion for future uncertainties or to fulfill specific financial obligations, such as the repayment of debt, replacement of assets, or funding of long-term projects.

Differences:

1. Purpose:
- General Reserve: General Reserve is created to maintain a buffer of funds for general business purposes and to strengthen the financial position of the company. It provides flexibility to the company in utilizing the funds as per its requirements.
- Reserve Fund: Reserve Fund is established for a specific purpose or contingency. It is earmarked to meet future financial obligations or to fund specific projects or investments.

2. Allocation:
- General Reserve: The allocation of funds to the general reserve is at the discretion of the company's management. It is usually a certain percentage of the profits that is set aside after accounting for dividends and taxes.
- Reserve Fund: The allocation of funds to the reserve fund is done with a specific objective in mind. The amount allocated depends on the financial obligations or projects that need to be funded.

3. Utilization:
- General Reserve: General Reserve can be utilized for any purpose deemed necessary by the company's management. It can be used to fund expansion plans, investment in new projects, or to cover unexpected losses.
- Reserve Fund: Reserve Fund can only be utilized for the specific purpose for which it was created. It cannot be used for any other purpose unless stated otherwise.

4. Disclosure:
- General Reserve: General Reserve is disclosed in the balance sheet under the head of 'Reserves and Surplus'. It represents the overall financial strength and stability of the company.
- Reserve Fund: Reserve Fund is separately disclosed in the balance sheet to provide transparency regarding the specific purpose for which the funds have been set aside.

In summary, the key difference between General Reserve and Reserve Fund lies in their purpose and utilization. General Reserve is a flexible fund that can be used for any general business purpose, while Reserve Fund is earmarked for specific financial obligations or projects.