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:
1
(A), (B), (C), (D), (E)
2
(C), (A), (D), (E), (B)
3
(B), (C), (E), (A), (D)
4
(B), (C), (D), (A), (E)