It is an extension of profit and loss account and shows appropriation or distribution of profits. After the profit and loss account has been prepared, the profit for the year is transferred to the profit and loss appropriation account. This account will show how the net profit or net loss of the firm is being appropriated among the partners. It is a nominal account in nature.

Difference. The balance of payment account is broadly divided into two sub accounts – Balance of payment on Current Account and Balance of payment on Capital Account. Simply put, current account of BOP is that account which records export and import of goods, export and import of services and unilateral transfers (Real transactions). Capital account of BOP is that account which records transactions relating to purchase and sale of foreign assets and of foreign liabilities during a year (Financial transactions).Balance of payments has four components (items), namely, (i) exports/imports of goods, (ii) exports/imports of services, (iii) unilateral transfers, and (iv) capital receipts/payments. 

HRD Minister Ramesh Nishank announced a major CBSE syllabus reduction for the new academic year 2020-21 on July 7 which was soon followed by an official notification by CBSE on the same.

Considering the loss of classroom teaching time due to the Covid-19 pandemic and lockdown, CBSE reduced the syllabus of classes 9 to 12 with the help of suggestions from NCERT.

The CBSE syllabus has been rationalized keeping intact the learning outcomes so that the core concepts of students can be retained.

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<a href="http://cbseacademic.nic.in/Revisedcurriculum_2021.html#collapse2" style="box-sizing:border-box; -webkit-tap-highlight-color:transparent; user-select:initial !important; touch-action:manipulation; color:var(--ion-color-primary,#3880ff)">Revised Secondary Curriculum (IX-X)</a>

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Main source of income of No-for-Profit organisation is legacies, donations and subscriptions. A non-for-Profit organisations is set up for promoting science, commerce, social cause etc. 

The main purpose is not to earn profits but to provide services. 

Legacy the income received  due to the death of a person who has mentioned the transfer of certain income in the will.

Donations are the major sources of such organisations. People usually donate a certain portion of their income for the welfare of the organisation.

Subscriptions are the side income of the not-for-profit organisation when a person subscribes for any activity in the various clubs inaugurated for societies's welfare. 

Given:

Current ratio = 2.8 : 1

Quick ratio = ?

Working capital = 5,40,000  

Inventory = 330,000

Current assets = ?  

Current liabilities = ?  

Computation:

Working capital = Current assets - Current Liabilities

5,40,000 = Current assets - Current Liabilities

Current assets = 5,40,000 + Current liabilities .............................. 1)

Current ratio = Current assets / Current liabilities
Substitute value from 1)
2.8 = (5,40,000 + Current liabilities) / Current liabilities

2.8 * Current liabilities = 5,40,000 + Current liabilities

1.8 * Current liabilities = 5,40,000

Current liabilities = 3,00,000

Current assets = 5,40,000 + Current liabilities

Current assets = 5,40,000 + 3,00,000

Current assets = 8,40,000

Quick ratio  = (Current assets - Stock) / Current liabilities

Quick ratio  = (8,40,000 - 3,30,000) / 3,00,000

Quick ratio  = 5,10,000 / 3,00,000

Quick ratio  = 1.7

Answer -
Current liabilities = 3,00,000
Current assets = 8,40,000
Quick ratio  = 1.7
 

P&L account is used to determine Net Profit or Net Loss of an organization for a given accounting period. P&L appropriation account is used for allocation and distribution of Net Profit among partners, reserves and dividends. P&L account is prepared by all types of businesses.

A general reserve is a reserve, which is created by appropriation of profits. It is created without any specific or particular purpose. When any amount is kept separate by a company out of its profit for future purpose then that is called as general reserves. In other words the general reserves are the retained earnings of a company which are kept aside out of company's profits to meet future (known or unknown) obligations. Reserve is the profit achieved by a company where a certain amount of it is put back into the business which can help the business in their rainy days. The preceding sentence may give the unwary reader the sense that this item is an asset, a debit balance. This is false. A reserve is always a credit balance.