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What is the difference between profit and loss account and profit and loss appropiation account?
Profit and loss accont is used to calculate the profit or loss of business while profit and loss appropriation account is used to allocate or distribute net income or loss to share holders or different reserves account.
how does income and expenses account difference from Profit and Loss Account?
Income and expense for not for profit organisations is same as profit and loss account but they cannot use the name profit and loss account because not for profit organisations are not formed to earn profit.
Advantages and disadvantages of trading profit and loss account?
: Profit and loss account gives the actual information about net profit or net loss of the business for an accounting period, Profit and loss account gives the actual information about indirect expenses, Profit and loss account serves to show the ratio between net profit to sales, Profit and loss account helps in showing the ratio between net profit to operating expenses, Profit and loss account helps in controlling indirect expenses
What is Profit or loss account?
Profit and loss is nothing but an statements which shows the net profit and net loss during a period.
What is difference between P and L statement and income and expenditure statement?
Income and expenditure account is used by not for profit companies as they are formed for not for profit basis that's why they cannot use profit and loss account.
What are the limitations of profit and loss account?
"What are the limitations of profit and loss account?"
What are the differences between gross profit and full cost profit?
gross profit is taken from the profit and loss account
The difference between total revenue and total cost?
profit or loss
What is debit balance of profit and loss account?
Debit balance of Profit & Loss Account represents "Loss"
What is the difference between loss and negative profit?
Loss and negative profit are same things as there is no such thing as negative profit if company spend more than its earns it has negative profit or loss.
What is profit and loss appropriation account?
its when a partnership business draws up an Appropriation Account to show how the net profit is shared out between the partners
Profit and loss appropriation account uses meaning?
details of profit and loss appropriation account Profit and loss appropriation account is prepared after profit and loss account..It s a account where the profits earned by the company is brought in from profit and loss accont and it s distributed to various accounts like interim divident account, provision for taxiation account, general reserve account etc.....it s a account which shows how the profits are distributed in an organisation.....
