Profit And Loss Appropriation Account Flashcards
1
Q
What is the layout of the profit and loss appropriation account?
A
Net Profit
Add Interest on Drawings: ‘Name’
‘Name’
Less: Interest on Capital: ‘Name’
‘Name’
Salary: ‘Name’
Share of Profit: ‘Name’
‘Name’
2
Q
What are the 3 ways to share profit?
A
Equally
Ratio
Capital Contribution