plz. tell me differance
prashant rustagi (na) (43 Points)
27 February 2010
please tell me somebody that what is the differance between profit & loss a/c and profit & loss appropriation ?
1 Replies
Ashish Ojha
(Chartered Accountant)
(469 Points)
Replied 28 February 2010
When We Calculate Profit or loss for the period by debiting expenses and creditig income, it is called profit and loss account
On the other hand when we distribute or set aside any of the profits, it is done through Profit and loss appropriation account
All the best
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