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It is credited with net profit interest on drawings and it is debited with interest on capital salary and other remuneration to the partners.
Net loss in profit and loss appropriation account. It is prepared to distribute the profitsLosses among the partners. All the appropriations ie. The profit and loss appropriation account is an extension of profit and loss account prepared for the purpose of adjusting the transactions relating to amounts due to and amounts due from partners.
PL Appropriation account helps to show a clear distinction between the capital contribution of each partner and the changes thereafter. It is prepared after the preparation of profit and loss ac at the end of every financial year. The account should begin with the profit or loss forwarded from the profit and loss account.
To segregate charges and appropriations of profits being made to the profit and loss account the PL ac is divided into two by creating a new account by name Profit and Loss Appropriation ac. This is the appropriation account in the appropriation section of Profit and Loss Account. Profit and loss Appropriation account is a special type of account.
PROFIT AND LOSS APPROPRIATION ACCOUNT Profit and Loss Appropriation Account is merely an extension of the profit and loss account and is prepared to show how net profit is to be distributed among the partners. Profit and loss Appropriation account is a special type of account. Profit and loss appropriation account is used to distribute profit among partners in the case of partnership business.
Profit and loss Appropriation Account. Thus the accumulated balance in the Profit Loss Appropriation ac also indicates either a profit or loss which qualifies it to be called a nominal account. The net profit is transferred to P L Appropriation ac and all the appropriations are made from this account.
Profit and loss Appropriation account is an extension of Profit and Loss account. It is prepared to distribute the Net profitsNet Losses among the partners. Now lets discuss various facts about the Profit and Loss Appropriation Ac.
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