why is it called profit and loss account why not profit or
loss account, ( u either get profit or loss )
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Answer Posted / megha arora
Profit & Loss A/C shows the net profit of the
Organisation.An oraganistion earns profit for
oprating,financing&investing activities etc.May be it be
the case that there may be loss from one activity and
profit from others and vice-versa.So P&L consists of both
loss as welll as Profit.That's why known as P&L not Por L
| Is This Answer Correct ? | 159 Yes | 28 No |
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