Accountancy, asked by bhawnadalal6, 7 months ago

what is the nature of profit and loss account ?​

Answers

Answered by Anonymous
6

Profit and loss Appropriation account is 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.

Answered by fizaafreen2003
0

Answer:

Profit and Loss Account is a type of financial statement which reflects the outcome of business activities during an accounting period (i.e. Profit or loss). Reported income and expenses are directly related to an organization's are considered to measure the performance in terms of profit & loss.

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