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Profit and loss account

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(Querist)
31 July 2012 why income statement is known as profit and loss account instead of profit or loss account?
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aadish

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aadish (Expert)
31 July 2012 Dont confuse buddy, Previosly P&L account was there and now, as per revised schedule VI, it is called statement of profit and Loss account.
Hope your query is resolved.
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SANYAM ARORA

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SANYAM ARORA (Expert)
31 July 2012 Somethings are meant to be accepted the way are.

So dont get confuse
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CA BHARATH KUMAR

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CA BHARATH KUMAR (Expert)
01 August 2012 it same . but after changes in revised schedule vi P/L account called as a Income statement
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