Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 18 - No. 6)
What is the purpose of the appropriation section of a partnership's income statement?
To report the partnership's total revenues.
To calculate the partnership's net profit.
To detail how the profits are to be distributed to partners.
To list all of the partnership's liabilities.
Explanation
Appropriation section shows the allocation of profits.
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