Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 6 - No. 20)
What is the main purpose of the appropriation account?
To determine the partnership's profit or loss.
To show how profits are distributed among the partners.
To record the partnership's assets and liabilities.
To calculate the tax liability of the partnership.
Explanation
The appropriation account details how the profit is divided among the partners.
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