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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 / v. s. k. phani nallamalli
When an organization gets profit on sale of assets or any
scrap it is recorded on the credit side and at the same time
time when there is a loss on sale of assets or sale of
scrap, it will be recorded on DEBIT side of P&L a/c. As both
profits & losses are recorded in this account, it is called
as P&L a/c and not P{or}L a/c.
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