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Profit and loss account
why do we call profit and loss account?
we get either profit or loss so why dont we call profit or loss account?
Replies (2)
It is not about the Net profit or loss only. All the incomes are credited to p&l are profits and all expenses are losses. See what heading you give while preparing a profit and loss account alone
thank u
Incomes differ from profits and exp are not losses then ......
income-expencess=profit & viseversa....
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