The steps in the Process of Preparing Profit and Loss Appropriation account are :
(A) Transfer the net profit to the credit side of P & L Appropriation A/c
(B) Divide the Profit among partners in the Profit Sharing ratio
(C) Ascertain net profit after providing for all charges
(D) Debit the P & L Appropriation A/c with all appropriations like partners salary etc.
(E) Credit the P & L Appropriation A/c with interest on drawing and deficiency on account of partner's guarantee of earnings to the firm.
Choose the correct answer from the options given below :
Held on 28 May 2023 · Verified 13 Jul 2026.
(A), (B), (C), (D), (E)
(C), (A), (D), (E), (B)
(B), (C), (E), (A), (D)
(B), (C), (D), (A), (E)
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.