B Com Exam > B Com Videos > Advanced Corporate Accounting > Partnership Accounts - P & L Appropriation A/c With Partners Accounts
Partnership Accounts - P & L Appropriation A/c With Partners Accounts Video Lecture | Advanced Corporate Accounting - B Com
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FAQs on Partnership Accounts - P & L Appropriation A/c With Partners Accounts Video Lecture - Advanced Corporate Accounting - B Com
| 1. What is the purpose of the P & L Appropriation Account in partnership accounts? |  |
Ans. The P & L Appropriation Account is used to allocate the net profit or loss of a partnership among the partners according to the agreed profit-sharing ratio.
| 2. How is the P & L Appropriation Account different from the P & L Account in partnership accounts? | |
Ans. The P & L Account records the revenues and expenses of the partnership, while the P & L Appropriation Account deals specifically with the distribution of profits among partners.
| 3. How are profits distributed among partners in a partnership using the P & L Appropriation Account? | |
Ans. Profits are distributed among partners based on their profit-sharing ratio, which is agreed upon in the partnership agreement. The P & L Appropriation Account helps in calculating each partner's share of the profits.
| 4. Can losses be distributed among partners using the P & L Appropriation Account? | |
Ans. Yes, losses can also be distributed among partners using the P & L Appropriation Account. Partners will share the losses based on their profit-sharing ratio as agreed upon in the partnership agreement.
| 5. What happens if there is a surplus in the P & L Appropriation Account? | |
Ans. If there is a surplus in the P & L Appropriation Account, it can be distributed among partners as per their profit-sharing ratio, retained for future use, or used to adjust any previous deficits in the account.
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Nov 26, 2024 Last updated |
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