Question

Adjusted profit and loss a/c is prepared to know __________​

Answer 1

Answer:

profit amd loss aprptitaion account is prepared

Answer 2

Introduction:

A profit and loss adjustment account is created to record transactions, omissions, and errors that occurred when compiling the final accounts and were discovered after the final accounts were established and profits were dispersed among the partners.

Explanation:

There may also be modifications in the provisions of the partnership agreement or the accounting system that have a retroactive effect. All of these omissions and commissions require changes to mitigate their impact. Although these omission mistakes and corrections might be recorded immediately in the partners' capital account, it appears more practical to produce the profit and loss adjustment account.

Therefore, the blank is to be filled by "omissions errors "