Profit & loss account.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 January 2013
Why is Profit and Loss account mentioned as Profit "AND" Loss Statement and not as Profit "OR" Loss Statement since at any point of time there would be either profit or loss?
05 January 2013
Profit & loss account is so called as it is a statment of all the profits & losses accrued during that period.
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