Which of the following is not prepared by a partnership?
-
A.
trading account -
B.
profit and loss account -
C.
income and expenditure account -
D.
profit and loss appropriation account
Correct Answer: Option C
Explanation
The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. Partneship business is a profit oriented business