Question

explain profit loss appropriation

Answer 1

The main intention of preparing aprofit and loss appropriation accountis to show the distribution of profitsamong the partners. It is debited with interest on capital and remuneration to partners and credited with the netprofits b/d from the profit and loss account and interest on drawings.

Answer 2

By definition, a P&L appropriation account is used to demonstrate division or allocation of profits/losses among the owners. P&L account is used to determine Net Profit or Net Loss of an organization for a given accounting period.

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