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 Accounting General interview questions  Accounting General Interview Questions (2810)
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Question
Distinguish between Profit and Loss Account and Profit and
Loss Appropriation Account.
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Profit & Loss A/c is the Income Statement showing Income and
Expenses for a particular Accounting period to arrive at the
Profit earned or Loss incurred.

Where as Profit & Loss Appropriation Account is a statement
showing the utilisation of Profit shown in the P&L A/c above.

Sales and/or Service Revenue,Other income, Operating,
Administration, marketing/Selling & other expenses for the
period are shown in the P&L A/c, Where as Transfer of Profit
to Reserves, Proposed Dividend, Taxes, etc.,is shown in P&l
Appropriation A/c

In the vertical format P&L A/c items are referred to as
'Above the Line' items & P&L Appropriation items are
referred to as 'Below the Line' items.
 
Is This Answer Correct ?    59 Yes 6 No
Hr Sreepada Bhagi
 
Answer
# 2
meaning given by sree mam is right

so1. calculations of p and l ac is revenue minus exp
and appropriations is net income - reserve- dividend

2. p and lac is known as income statement,statememt of
operations
and appropriations is statement of retaining earnings

3.the income or loss of profit and loss is transferred to
profit and loss approprations
and income or loss of p and l appropriation is transferred
to balance sheet
 
Is This Answer Correct ?    25 Yes 5 No
Manojs
 
 
 

 
 
 
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