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In profit distribution from which account is the remaining profit transferred to partners?

Answer and explanation

Correct answer: Profit and Loss Appropriation Account

Remaining profit is transferred from Profit and Loss Appropriation Account to partners accounts. First complete appropriations then distribute the balance.

Related tags

Profit DistributionAppropriation AccountRemaining ProfitPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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