SOLUTION
After ascertaining the Net Profit of the firm as per Profit and Loss Account, usually, the Profit and Loss Appropriation Account is prepared to show how the Net Profit is to be distributed among the partners.
SOLUTION
After ascertaining the Net Profit of the firm as per Profit and Loss Account, usually, the Profit and Loss Appropriation Account is prepared to show how the Net Profit is to be distributed among the partners.