The steps in the Process of Preparing Profit and Loss Appropriation account are : (A) Transfer the net profit to the credit side of P & L Appropriation A/c (B) Divide the Profit among partners in the Profit Sharing ratio (C) Ascertain net profit after providing for all charges (D) Debit the P & L Appropriation A/c with all appropriations like partners salary etc. (E) Credit the P & L Appropriation A/c with interest on drawing and deficiency on account of partner's guarantee of earnings to the firm. Choose the correct answer from the options given below :

Question

Option 1: (A), (B), (C), (D), (E)

Option 2: (C), (A), (D), (E), (B)

Option 3: (B), (C), (E), (A), (D)

Option 4: (B), (C), (D), (A), (E)

AfterBoards · Accepted Answer

The answer is '(C), (A), (D), (E), (B)'. View full solution:

CUET Accountancy 2023 28 May Shift 1 PYQs

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