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Profit and loss account don’t have any opening or closing balance as it is prepared for a specific accounting period.
P&L appropriation account is used for allocation and distribution of Net Profit among partners, reserves and dividends.
Profit and loss appropriation account may have carry forward balance from previous accounting period.
P&L Appropriation account is used for allocation of Profit.
B/D Balance is N/P and there is no balance C/D .
expense & income a/c will not carry balance , it will be merged as profit or loss based on our sales and expenses.
Yes, profit and loss appropriation account must be balance.
