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why is it called profit and loss account why not profit or
loss account, ( u either get profit or loss )

Answer Posted / ronald antony t

Because P&L a/c records profits earned by business and loss incurred to business

And Net Profit/loss is just balancing fig of abow insted of transfering all profits and loss we are just transfering Net Balance

Is This Answer Correct ?    11 Yes 7 No



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