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Distinguish between Profit and Loss Account and Profit and
Loss Appropriation Account.
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Answer Posted / 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 |
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