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Answer Posted / h.r. sreepada bhagi
It's the abstract of all incomes and expenses, prepared at
the end of an accounting period (month, qtr, 1/2yr. or
year)to arrive at the Profit earned or Loss incurred during
that period.
In the P&L A/c Incomes and Expenses are shown under broad
heads (Groups) and details are given in the Schedules
attached to it.
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