Profit and loss account
sanjeev kumar (112 Points)
14 January 2016
why do we call profit and loss account?
we get either profit or loss so why dont we call profit or loss account?
2 Replies
Ajit Hegde
(CA - Final)
(1367 Points)
Replied 14 January 2016
It is not about the Net profit or loss only. All the incomes are credited to p&l are profits and all expenses are losses. See what heading you give while preparing a profit and loss account alone
sanjeev kumar
(112 Points)
Replied 16 January 2016
thank u
Incomes differ from profits and exp are not losses then ......
income-expencess=profit & viseversa....
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