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Querist : Anonymous (Querist)
30 October 2012 when if get either profit or loss from the profit and loss account, why do we call it "profit and loss" account but not "profit or loss account"?
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CA Alok Somani

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CA Alok Somani (Expert)
30 October 2012 it is "STATEMENT OF PROFIT AND LOSS" as per revised schedule VI

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