P&L
This query is : Resolved
18 July 2010
WE CALL IT AS PROFIT AND LOSS a\c BUT WE GET ONLY PROFIT OR LOSS NOT BOTH BUT WHY WE CALL AS PROFIT AND LOSS a\c
18 July 2010
YOu cannot make tailormade account for all persons. It is common termninology used for everyoner. If one person has a loss in the next year he can have a profit and other person can have profit. So it is not termed as per the final result
19 July 2010
if we look at the P&L statement from an overall perspective, all the revenues earned from various projects/services are shown as top line, where as the expenses incurred thereon all the projects are shown on the expense side.The net effect can be profit or loss. Now, if you have a look at each project service level by comparing revenue and expenses on individual projects. the resultant can be either profit or loss for each of the project depending on various factors.
Since in the P&L account, all the profits or losses from each individual projects are netted of because the P&L is for the organisation as a whole, you will get either profit or loss.
Hope this clarifies.
Since in the P&L account, all the profits or losses from each individual projects are netted of because the P&L is for the organisation as a whole, you will get either profit or loss.
Hope this clarifies.
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