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Identify the right combination of type of Account in making Final Accounts of Partnership Firm.
A. Profit and Loss A/c
B. Profit and Loss Suspense A/c
C. Profit and Loss Appropriation A/c
D. Profit and Loss Adjustment A/c
E. Partner’s Capital A/c
B. Profit and Loss Suspense A/c
C. Profit and Loss Appropriation A/c
D. Profit and Loss Adjustment A/c
E. Partner’s Capital A/c
Choose the correct answer from the options given below:
- a)A, B, D only
- b)A, C, E only
- c)A, D, E only
- d)B, C, D only
Correct answer is option 'B'. Can you explain this answer?
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Identify the right combination of type of Account in making Final Acco...
Profit and Loss A/c, P & L Appropriation A/c,
partner’s capital A/cs.
partner’s capital A/cs.
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Identify the right combination of type of Account in making Final Acco...
Explanation:
Profit and Loss Account:
- The Profit and Loss Account is prepared to determine the net profit or loss of the partnership firm during a specific period.
- It includes all the expenses and incomes of the firm.
Profit and Loss Appropriation Account:
- The Profit and Loss Appropriation Account is prepared to distribute the net profit or loss among the partners according to the partnership agreement.
- It includes items such as interest on capital, salary to partners, commission, etc.
Partner's Capital Account:
- The Partner's Capital Account is prepared to show the capital contribution of each partner in the firm.
- It also includes any withdrawals or additions made by the partners during the accounting period.
Conclusion:
- The correct combination of accounts to be included in making Final Accounts of a Partnership Firm is Profit and Loss Account (A), Profit and Loss Appropriation Account (C), and Partner's Capital Account (E).
- These accounts help in determining the net profit or loss of the firm, distributing the profit among partners, and showing the individual capital accounts of each partner in the partnership.
Profit and Loss Account:
- The Profit and Loss Account is prepared to determine the net profit or loss of the partnership firm during a specific period.
- It includes all the expenses and incomes of the firm.
Profit and Loss Appropriation Account:
- The Profit and Loss Appropriation Account is prepared to distribute the net profit or loss among the partners according to the partnership agreement.
- It includes items such as interest on capital, salary to partners, commission, etc.
Partner's Capital Account:
- The Partner's Capital Account is prepared to show the capital contribution of each partner in the firm.
- It also includes any withdrawals or additions made by the partners during the accounting period.
Conclusion:
- The correct combination of accounts to be included in making Final Accounts of a Partnership Firm is Profit and Loss Account (A), Profit and Loss Appropriation Account (C), and Partner's Capital Account (E).
- These accounts help in determining the net profit or loss of the firm, distributing the profit among partners, and showing the individual capital accounts of each partner in the partnership.
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Identify the right combination of type of Account in making Final Accounts of Partnership Firm.A. Profit and Loss A/cB. Profit and Loss Suspense A/cC. Profit and Loss Appropriation A/cD. Profit and Loss Adjustment A/cE. Partner’s Capital A/cChoose the correct answer from the options given below:a)A, B, D onlyb)A, C, E onlyc)A, D, E onlyd)B, C, D onlyCorrect answer is option 'B'. Can you explain this answer?
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