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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 / prasant m
how much profit excess over expenses and losses or how much
expenses excess over profit,exactly can say,all the gains
and losses are collected in order to ascertain the excess of
gains over the losses or vice-versa. second Q is why not
Profit or Loss ,every word not denominate just from air dear
friend,there was some concept behind that that is the
difference between "And" and "OR",Every business has both
side effect if we will go each activities step by step, we
would find some transaction we have lost or spent more then
cost of goods and some cases gone according to business
motive so we can not say we got profit each transaction.
have a good day
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