Question on: SS2 Accounting - The Profit And Loss Account of Partnership
Why is the profit and loss account important for a partnership?
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A
To determine the profitability of the business.Â
B
To calculate the assets and liabilities of the partnership.Â
C
To show the distribution of profits among partners.Â
D
To identify the amount of tax payable by the partnership.
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Correct Option: A
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