What is the Profit & Loss Account?
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It is summary of Indirect Expenses and Indirect Income of the Business.
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A company maintains a margin of safety of 25% on its current sales and earns a profit of Rs. 30 lakhs per annum. If the company has a profit volume (P/V) ratio of 40%, its current sales amount to A. Rs. 200 lakhs; B. Rs. 300 lakhs; C. Rs. 325 lakhs; D. None of the above.
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2 Answers JPMorgan Chase, McAfee,
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