banner_ad

Profit& loss a/c

This query is : Resolved 
Profile Image

pro badge

Profile Image

pro badge (Querist)
25 November 2011
Dear sir,

Why we will call profit & loss why can't we call it as profit or loss a/c because the balance amount will be profit or loss ?


Thanks in advance
Profile Image

CA. RICHI SAXENA

Profile Image

CA. RICHI SAXENA (Expert)
25 November 2011 It is called profit & loss account because of the reason that it is an account statement to make out whether the organisation is incurring losses or is going into profits. The net effect of the statement is obviously profit or loss but the items of both the income which can go up to make profit AND the items of expenses which go up to make losses are included in it.Had it been including only the income items or expense items only then it might have been called PROFIT OR LOSS Account.
CA. RICHI SAXENA
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details