Profit and loss
Mohit Gupta (article) (164 Points)
24 February 2019Mohit Gupta (article) (164 Points)
24 February 2019
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 25 February 2019
Mohit Gupta
(article)
(164 Points)
Replied 25 February 2019
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 25 February 2019
Mohit Gupta
(article)
(164 Points)
Replied 25 February 2019
kajol
(Executive)
(201 Points)
Replied 25 February 2019
From p & l account we get profit or loss figure for a particular period. If you observe we get both from this account itself. That's why it is named as p&l account. Remember both are mutually exclusive.
In case if I call it as Profit or loss account …then it implies that we can find only Profit Isn't it ?
In contrary we can find both out of P and L acc. But only they are mutually exclusive.
The word "and" denotes that it consists of items of profits (income) as well as losses (expenditure) before we arrive at net profit or net loss.
Therefore, it is called Profit and Loss A/c and not Profit or Loss A/c.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)