Name of profit and loss account.
This query is : Resolved
14 June 2014
The other day my friend asked me why profit and loss account? it can be termed as profit "OR" loss account na..??
(he further said that there will either be profit or loss so why to call profit and loss account..?)
So any clarifications regarding the above mentioned matter..?
Thanks & regards,
Mahesh.
(he further said that there will either be profit or loss so why to call profit and loss account..?)
So any clarifications regarding the above mentioned matter..?
Thanks & regards,
Mahesh.
14 June 2014
no there is no clarification by any authority in this regard
Vishnu Saboo
(Expert)
16 June 2014
in IAS the account name is Profit or loss account.
in Hindi we write as "labh-Hani kahta"
in english it become "Profit & Loss" account, in my opinion this "&" is separator between "Profit" and "Loss".
in Hindi we write as "labh-Hani kahta"
in english it become "Profit & Loss" account, in my opinion this "&" is separator between "Profit" and "Loss".
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