Question

you have to prepare profit and loss appropriation account , Partners capital accounts and partners current accounts.​

Answer 1

Answer:

partnership form of business organizations creates such kind of special account. Moreover, the Partnership Deed plays a very important role in deciding the various rates and amounts.

Time of Creation

A firm prepares it after the preparation of profit and loss account at the end of every Financial Year, in short on 31st March every year. It is prepared just like many other ledger accounts.