Distinguish between Profit and Loss Account and Profit and
Loss Appropriation Account.
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Answer / hr sreepada bhagi
Profit & Loss A/c is the Income Statement showing Income and
Expenses for a particular Accounting period to arrive at the
Profit earned or Loss incurred.
Where as Profit & Loss Appropriation Account is a statement
showing the utilisation of Profit shown in the P&L A/c above.
Sales and/or Service Revenue,Other income, Operating,
Administration, marketing/Selling & other expenses for the
period are shown in the P&L A/c, Where as Transfer of Profit
to Reserves, Proposed Dividend, Taxes, etc.,is shown in P&l
Appropriation A/c
In the vertical format P&L A/c items are referred to as
'Above the Line' items & P&L Appropriation items are
referred to as 'Below the Line' items.
| Is This Answer Correct ? | 100 Yes | 18 No |
Answer / manojs
meaning given by sree mam is right
so1. calculations of p and l ac is revenue minus exp
and appropriations is net income - reserve- dividend
2. p and lac is known as income statement,statememt of
operations
and appropriations is statement of retaining earnings
3.the income or loss of profit and loss is transferred to
profit and loss approprations
and income or loss of p and l appropriation is transferred
to balance sheet
| Is This Answer Correct ? | 40 Yes | 8 No |
Answer / anjali penta.
Profit and loss account records all the operating and non operating incomes and expenses and incomes to arrive at net profit. This is Net Profit before tax. Further, we record provision for tax on the debit side of the Profit and loss account and get net profit after tax.
Profit and Loss Appropriation account showcases the appropriation of profit. in cse of Companies, only transfer to the various reserves and proposed dividend i recorded on the debit side. Whereas, on the credit side appears Net profit ater tx brought down from the profit and loss ccount and the balance brought dwn from h last year's profit and loss appropriation account.
| Is This Answer Correct ? | 12 Yes | 2 No |
Answer / dev
what is the difference between profit & loss account and profit & loss appropriation account in HINDI
| Is This Answer Correct ? | 1 Yes | 6 No |
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