some times in p & l a/c there may be gross loss but at the 
end we may get net profit What i mean in p & L a/c there 
may be  possibility of both profit and loss.

Exactly we don`t know whether we get a profit or loss at 
the end of the accounting period, thats why we call p&l a/c.

the heading of the account should be given in respect to the
contents of the account and not merely with the result of
the account

When an organization gets profit on sale of assets or any
scrap it is recorded on the credit side and at the same time
time when there is a loss on sale of assets or sale of
scrap, it will be recorded on DEBIT side of P&L a/c. As both
profits & losses are recorded in this account, it is called
as P&L a/c and not P{or}L a/c.

a

at the time of drafting P&L a/c we are not in knowledge 
that wheather at the end  of accounting year there is loss 
or profit with certainity. there may be loss or profit at 
the end of A.Y

we write profit and loss account because this particular 
performa has got one debit side n one credit side if credit 
amount is more we get profit n if debit amount is more we 
get loss and at the begnning of the year we will be not 
knowing whether we will get net profit or loss so we will 
write porfit & loss account...we generally dont use profit 
or loss account because in accouting system the performa is 
set as profit & loss account we cant change the rules of 
accouting standards we we have to follow this performa 
only..

Some times in some transanction gross loss or gross profit 
may come all company transanctions but at the end of the 
year only net profit or net loss comes.