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easyMCQCUET Accountancy 2025 3 June Shift 22026Accountancy
1 mark

Which of the following accounts/statements is prepared to distribute the profit or loss among partners?

  1. A
    Profit and Loss Appropriation A/c
  2. B
    Profit and Loss Adjustment A/c
  3. C
    Profit and Loss A/c
  4. D
    Balance Sheet

Solution & Step-by-step Explanation

The Profit and Loss Appropriation Account is specifically prepared after the net profit is calculated to handle the allocation and distribution of the profits/losses among partners according to their agreement terms.

Practice this question

Try it yourself before checking the explanation above.

Which of the following accounts/statements is prepared to distribute the profit or loss among partners?
A
Profit and Loss Appropriation A/c
B
Profit and Loss Adjustment A/c
C
Profit and Loss A/c
D
Balance Sheet

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PartnershipAccountingP&L Appropriation

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