In company accounts, profit after tax is shared in the

Assessment: WAEC SSCE - Financial Accounting - 2006 (Objective) Subject: Financial Accounting

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In company accounts, profit after tax is shared in the
Answer Details
In company accounts, profit after tax is usually shared in the appropriation account. This account records how the company's profits are distributed among various stakeholders, such as shareholders, retained earnings, or reserves. The appropriation account includes items such as dividends, bonus shares, and transfers to reserves. By sharing the profit in this account, the company can ensure that it is properly distributed and allocated to the various stakeholders according to their entitlements and interests.
Read lesson note on Partnership Accounts (WAEC)
Read lesson note on Introduction To Company Accounts (JAMB)
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