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Profit & Loss Account

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Guest

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Guest (Querist)
30 September 2017 A Profit and Loss account (P&L A/C) shows either profits earned by the entity or losses that occurred. Then Why it is named as "P&L AC" instead of "P or L AC"?
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Amol S Joglekar

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Amol S Joglekar (Expert)
30 September 2017 it is now regarded as Statement of profit
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Gokul Sharma

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Gokul Sharma (Expert)
30 September 2017 Under Schedule III co act 2013 its Statement of Profit and Loss (SPL).
Both Profit/Loss of business transferred to this account.
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