why should we call profit and loss account in general we get
profit either loss can we call that as profit or loss account?
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Answer / gupta
We post all expenses and losses to the debit side of Profit and loss account and we post all incomes and gains to the credit side of profit and loss account.The outcome of the account may be either profit or loss i.e, we get profit if credit side is more and we get loss if debit side is more.But while recording transactions we post both profits(incomes & gains)and losses(expenses and losses).This is the reason why it is called profit and loss account but not profit or loss account.
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