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Question
When is the Profit and Loss Appropriation Account prepared?
Options
When there are certain adjustments related to partnership.
When the firm is dissolved.
When there is an audit to be done.
It is never prepared.
MCQ
Solution
When there are certain adjustments related to partnership.
Explanation:
When adjustments to the partnership are required as a result of events that have transpired, the profit and loss appropriation account is prepared.
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Distribution of Profit Among Partners
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