SELECT * FROM question_mgmt as q WHERE id=1400 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=11 AND chapterId=135 and ex_no='4' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th accountancy Accounting for Partnership : Basic Concepts why is profit and loss adjustment account prepared

Question:

Why is Profit and Loss Adjustment Account prepared? Explain.

Answer:

Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm. It shows how the profits are appropriated or distributed among the partners. All adjustments in respect of partner’s salary, partner’s commission, interest on capital, interest on drawings, etc. are made through this account. It starts with the net profit/net loss as per Profit and Loss Account.


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