Distinguish between Profit and Loss Account and Profit and
Loss Appropriation Account.
- 4 Answers
- 47121 Views
- Genpact, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / hr sreepada bhagi
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 ? | 100 Yes | 18 No |
Answer / manojs
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 ? | 40 Yes | 8 No |
Answer / anjali penta.
Profit and loss account records all the operating and non operating incomes and expenses and incomes to arrive at net profit. This is Net Profit before tax. Further, we record provision for tax on the debit side of the Profit and loss account and get net profit after tax.
Profit and Loss Appropriation account showcases the appropriation of profit. in cse of Companies, only transfer to the various reserves and proposed dividend i recorded on the debit side. Whereas, on the credit side appears Net profit ater tx brought down from the profit and loss ccount and the balance brought dwn from h last year's profit and loss appropriation account.
| Is This Answer Correct ? | 12 Yes | 2 No |
Answer / dev
what is the difference between profit & loss account and profit & loss appropriation account in HINDI
| Is This Answer Correct ? | 1 Yes | 6 No |
what is liability
reconcilation
15 Answers Accenture, Genpact,
what is a journal entery of goodwill?
15 Answers Capital IQ, Genpact, Sujana,
pls. tell me with detail (what is the rate of service tax and w.c.t. for a contractor who do civil work -make building and repairing. what is the format of generate a bill for (with material and labour both ) what entry should i pass in my accounts bokks. general and sales entry.
what is the difference b/w gain and profit?
simple meaning of debit and credit...?
Sales Invoice 50000/- fully profit , management want profit for this year should be appear in P&L A/c and B/S 25000/- only and remaining 25000/- profit retain for the next year What will be JV for this year and next year?- Thank you
Volga is a large manufacturing company in the private sector. In 2007 the company had a gross sale of Rs.980.2 crore. The other financial data for the company are given below: Items Rs. In crore Net worth 152.31 Borrowing 165.47 EBIT 43.17 Interest 34.39 Fixed cost (excluding interest) 118.23 You are required to calculate: a. Debt equity ratio b. Operating leverage c. Financial leverage d. Combined leverage. Interpret your results and comment on the Volga’s debt policy
In the balance sheet, where do you show tds?
golden rules of accounting
How to make privision in SAP. (Please revert on the possibility of making this happen at PO Stage)
why current ratio is 2:1.why it is not 100:1,10:1,20:1 in current ratio. please tell me....
Audit 
