Difference between profit and loss suspense account and profit and loss appropriation account ?

PROFIT AND LOSS SUSPENSE account is prepared when profit is given to retiring partner or deceased partner who retire or die during the the year.
It is given on the basis of previous year profit or sale.
whereas P/L APPROPRIATION A/C is prepared at the end of year to distribute the net profit available to the existing partner,
  • 18
thnx Alex
  • -1
P&L suspense a/c is prepared when the profit is given to the retiring or deceased partner on the basis of the last year's profit WHEREAS P&L app A/C is prepared at end of each year
  • 1
What are you looking for?