Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 16 - No. 42)
In a partnership, what is the purpose of the appropriation section of the income statement?
To show the firm's revenues and expenses.
To allocate profits/losses according to the agreement.
To account for the partners' drawings.
To list the partnership's assets.
Explanation
The appropriation section shows how the profits/losses are divided.
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