11 September 2012
Hi! Is Profit and Loss A/c an account. If it's a statement and not an account, why the word 'A/c' is put after it? Also, I've heard that P/L A/c is also called trading a/c. Is it correct? In my view trading a/c is a part of profit and losss a/c.
11 September 2012
Dear Vikas, Profit and loss a/c is merely a statement and not ac a/c. To remove this ambiguity the new schedule VI has changed the name As Statement of Profit and Loss...
12 September 2012
Thanx sir! But was everybody doing wrong if he/she wrote it as profit and loss a/c and not the statement of profit & loss before the amendment in schedule VI.
Also, please tell me whether it is correct to say trading a/c to profit and loss a/c?
CAclubindia
