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IN PROFIT AND LOSS ACCOUNT WE MAY EITHER GET PROFIT OR
LOSS.SO WHY IT IS PROFIT AND LOSS ACCOUNT INSTEAD OF PROFIT
OR LOSS ACCOUNT ?
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Answer Posted / sarathy
1. This account is for both Profit AND Loss. Its only after
finalization you come to know whether it is Profit OR Loss.
2. There is a chance of getting No Profit/ No Loss. Then
your P&L a/c will neither have Profit nor Loss, at the same
time it will have both Profit & Loss.
So, I guess, it is more apt logical callilng it P&L than
PoL.
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