Profit and loss

From p & l account we get profit or loss figure for a particular period. If you observe we get both from this account itself. That's why it is named as p&l account. Remember both are mutually exclusive.

In case if I call it as Profit or loss account …then it implies that we can find only Profit Isn't it ?

In contrary we can find both out of P and L acc. But only they are mutually exclusive.