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Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2010 Why profit & Loss account is called so when there can be only profit or loss and not both

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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27 June 2010 There is both profit & loss in Profit & Loss Account (but only net profit or net loss and not both)
Example:
Their can be profit on sale of car or loss on sale of car.
Profit on sale of investment or loss on sale of investment.
So we can not say there cant be both profit and loss. Yes there can be profit & loss but not net profit or net loss both.

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Querist : Anonymous

Querist : Anonymous (Querist)

03 July 2010

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