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Profit and loss a/c
Hello respected CA experts....
I am a CPT level student...
I need to know why profit and loss a/c is called as "profit and loss a/c" and why not "profit or loss a/c" because anyway it reflects profit or loss for the financial year right....
can anybody help me to solve my confusion... please.
thank you in advance....
Replies (4)
Because it shows profits/gains on credit side and also expense/loss on debit side
Ok......If there is gross loss happens trading a/c's
Is any possibility to net profit...???
Yeah possible if indirect income is more than indirect expense
OK thank you poornima madam...
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