P&l
This query is : Resolved
23 December 2014
We will get profit or loss as a result in Profit and Loss Account, But why we call it as Profit AND Loss Account
24 December 2014
As Profit or Loss whatever it is, it will be shown in the same statement hence its called as Profit AND Loss A/c.
24 December 2014
due its result will be loss or profit and its prepare single statement in which you can see profit or loss.
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