Tag: PROFIT AND LOSS ACCOUNT

FINAL ACCOUNTS OF SOLE TRADER

July 18, 2022 commerceiets No Comments

Final Accounts of Sole trader covers the topic of Preparation of Profit and loss account and Balance sheet. QUESTION: Explain the Income statement under Sole Trader Concept. Income statement of sole trader consists the preparation of Trading account and Profit and Loss account. Income statement shows how much the sole trader has earned the profit…

UNIVERSITY STUDENT NOTES

PROFIT AND LOSS APPROPRIATION ACCOUNT

June 16, 2019 commerceiets No Comments

Profit and loss Appropriation account is an extension of Profit and Loss account. All the appropriations i.e. the distributions payable to the partners as per partnership deed are recorded in this account. This account is credited with the amount of net profit and debited with the amount of net loss. The debit side of this…

12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS