alleryThe Profit and Loss Appropriation Account is an extension of the
ABalance Sheet
BProfit and Loss Account
CTrading Account
DCash Flow Statement
Answer & Solution
Correct answer: B. Profit and Loss Account
It continues from the P&L Account to appropriate the net profit among the partners.
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Related questions
Under Section 18, with respect to the business of the firm, a partner is:Under Section 14, which of the following is regarded as property of the firm?Under Section 13(f), a partner must indemnify the firm for loss caused by his:Under Section 13(d), a partner who makes a payment or advance beyond his agreed capital isUnder Section 13(c), where a partner is entitled to interest on the capital he subscribed,Under Section 13(b), in the absence of agreement, partners share profits and losses:Under Section 12(d), every partner (whether active or sleeping) has the right to:Under Section 12(c), a change in the NATURE of the firm's business requires: