29 April 2015
Sir,
my question is why this p&l A/c is called so instead of calling profit or loss a/c irrespective of there is either profit or loss in a particular financial year?
30 April 2015
well there is concept of segment wise bifurcation of Profit or loss in balance sheet. you may have Profit in one segment and loss in another, but in over all you have to console all in one statement. also there may be profit from one activity and loss from another, so there are both profit and loss, so the statement is called Profit and Loss.
CAclubindia
