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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 / aditya bhushan
Because in profit and loss account we show both profit and loss on one statement for calculating net profit and net loss ,as we all know that net profit is different between debit and credit side of profit and loss account.
so that we use to say it profit and loss account not profit and loss account
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