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Why do call p&la/cas a P&l a/c ?, why not P{or}L a/c
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Answer Posted / dipak
we don't know at time of drafting p&l a\c that at the end
of a/c period we will get p or l.further some item ln p&l
a/c there may gross loss or profit but at the end it will
be net profit or loss.
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