We may get profit or loss from business. If so we can name the statement as Pro

We may get profit or loss from business. If so we can name
the statement as Profit or Loss account. But since a long
time we are naming it as Profit and Loss account. Why?

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We may get profit or loss from business. If so we can name the statement as Profit or Loss account...

Answer / guest

we write profit and loss because to calculate profit we
need to findout both profit and loss then only we will be
able to come at one conclusion that the business is in
profit or loss

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