NAME – SOURAJIT KUNDU

SEC – A STREAM , MBA IN GM

FINANCE QUESTIONS

1. What do you mean by profit and loss appropriation account ?

Ans - It is a special account that a firm prepares to show the distribution of profits/losses among the
partners or partner's capital.

2. What is the difference between profit and loss and profit and loss appropriation account?

Ans - The account which is prepared to know the net profit or net loss of the business
is known as profit and loss account. The account which is prepared to distribute profit or
loss among the partners, is known as profit and loss appropriation account.

3. What is company account ?

Ans- Company accounts are an analysis of an organization's financial activity over a period
(12 months). For showing the financial performance of a company, accounts are maintained
and they are prepared in corporate accounting. It is a recording of the issue of shares,
debentures, etc.

4 . What is partnership deed ?

Ans-A partnership deed is an agreement between the partners of a firm that outlines
the terms and conditions of partnership among the partners.

5 . What is partners capital account ?

ANS - A partnership capital account is an account in which all the transactions

between the partners and the firm are to be recorded.