Name of profit and loss account.

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mahesh (Querist)
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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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 June 2014 no there is no clarification by any authority in this regard

Vishnu Saboo

Vishnu Saboo (Expert)
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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".

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