"Sheet" and "Account"

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Anil (Querist)
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06 April 2009 Why is it that P & L is called P & L account - a "Account"

and

Balance sheet - a "Sheet"?

Why not vce versa?

Thanks

Anil.

jaygulani

jaygulani (Expert)
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CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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07 April 2009 b/s is sheet which shows the status of company as on that date...i mean financial status

and p&l is account as its for the year and which gives us the figure of profit...

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CMA KNVV Sri Vidya - Sri Kanth

CMA KNVV Sri Vidya - Sri Kanth (Expert)
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07 April 2009 B/S shows the finalcial position of a business ( a sheet describing the status of firm )

P& a/c is the transfer of accounts a the end of the year to know the profit or los occured by the firm ..