Accountancy, asked by DHRUV2829, 8 months ago

Extension of Profit and Loss account

Answers

Answered by gk3977948

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Profit and loss Appropriation accountis an extension of Profit and Loss account. All the appropriations i.e. the distributions payable to the partners as per partnership deed are recorded in this account. This account is credited with the amount of net profit and debited with the amount of net loss.

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