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Profit & loss account.

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Querist : Anonymous

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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?
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Devinder Jain

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Devinder Jain (Expert)
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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