How can a profit & loss appropriation account have opening & closing
balance ?what would be journal entry for it?
Answer / abdul qudoos
privious balance of profit is called p/L appropriation
Account
Profit and Loss Appropriation A/C
To Profit and Loss Account
Is This Answer Correct ? | 1 Yes | 2 No |
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hdn Systems Pvt. Ltd., manufactures a consumer durable which passes through two processes M and N. From the following details prepare necessary process ledger accounts bringing out clearly the cost of the product at each stage. Process ‘M’ Process ‘N’ Materials (Rs.) 30,000 3,000 Labour (Rs.) 10,000 12,000 Overheads (Rs.) 7,000 8,600 Input (units) 20,000 17,500 Normal loss 10% 4% Scrap value of loss (per unit) Re. 1.00 Rs. 2.00 There is no opening or closing W-I-P or stock at processes. Final output from the process ‘N’ was 17,000 units
what are the acccounting standards ?
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