Question

What is profit and loss appropriation Account​

Answer 1

The profit and loss appropriation account should be treated as a separate account from the profit and loss account. The appropriation account is designed to provide an indication of how profit transferred from the profit and loss account is spent. Appropriations are generally placed into one of four broad categories: funds designated for removal by partners, capital reserves, reserves earmarked to improve capital and surplus funds to be carried into the next accounting period.

Answer 2

Answer:

Meaning of Profit and Loss Appropriation Account. It is a special account that a firm prepares to show the distribution of profits/losses among the partners or partner's capital.

Explanation:

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