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(Querist)
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
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
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.
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Rupesh Jain

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Rupesh Jain (Expert)
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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