Question

what is the difference between profit and loss account and profit and loss appropiation account?

Answer 1

Dear Student,
Profit and Loss a/c is prepared for calculation of net profit after considering all the indirect expenses and incomes.
Whereas Profit and loss appropriation a/c is prepared for the apportionment of the net profit among the partners in form of salary, interest on capital, commission and profit/loss as the case may be.

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