Why P/L appropriation Account is necessary? why cant we change or correct amount in P/L accnt itself?
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Profit and loss contains the direct and indirect incomes, direct and indirect expenses.
P&L Account shows the Gross profit and net profit achieved from the business during the year.
P&L appropriation account contains how the net profit has been used.
P&L appropriation shows how the profits have been appropriated ie., how the profits have been used.
Items appearing in appropriation are as follows :
profit share given to partners
Partners salary
Transfer to general reserve etc.
P&L Account shows the Gross profit and net profit achieved from the business during the year.
P&L appropriation account contains how the net profit has been used.
P&L appropriation shows how the profits have been appropriated ie., how the profits have been used.
Items appearing in appropriation are as follows :
profit share given to partners
Partners salary
Transfer to general reserve etc.
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