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