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(Querist)
06 June 2017 Why it is so called as profit and loss A/c neither than profit or loss A/c.Either profit or loss can be judged.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
06 June 2017 Clarify your question.
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Jashwanth Kandasani

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Jashwanth Kandasani (Querist)
06 June 2017 Mam, instead of using " OR " in profit and loss A/c, why we are using" AND" in place of "OR".In the particular A/c we judges either profit or loss.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
06 June 2017 Beacause it is an statement which can show both profit & loss.
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