Question

Distinguish between profit and loss account and profit and loss appropriation​

Answer 1

Answer:

profit means gain

but lose means lose

Answer 2

Answer:

P&L account is used to determine Net Profit or Net Loss of an organization for a given accounting period. P&L appropriation account is used for allocation and distribution of Net Profit among partners, reserves and dividends. P&L account is prepared by all types of businesses.