Interested to Buy Any Domain ? << Click Here >> for more details...
IN PROFIT AND LOSS ACCOUNT WE MAY EITHER GET PROFIT OR
LOSS.SO WHY IT IS PROFIT AND LOSS ACCOUNT INSTEAD OF PROFIT
OR LOSS ACCOUNT ?
- 6 Answers
- 10755 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / sarathy
1. This account is for both Profit AND Loss. Its only after
finalization you come to know whether it is Profit OR Loss.
2. There is a chance of getting No Profit/ No Loss. Then
your P&L a/c will neither have Profit nor Loss, at the same
time it will have both Profit & Loss.
So, I guess, it is more apt logical callilng it P&L than
PoL.
| Is This Answer Correct ? | 21 Yes | 3 No |
Answer / pnkjay
1.In P&L A/c individual items of profits and losses are
posted and then net profit or loss is found out.
2.It may be Gross Loss and Net profit or Gross profit and
Net loss.
So, it is called Profit & Loss account
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / rajesh
When doing business,end of the financial year only we came
to know we got profit or loss. So, instead of Profit or
loss a/c we says P& L A/c.it is like up & down.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / ravi
p&l a/c involves combination of both profit and loss
items, so it is called p&l a/c
| Is This Answer Correct ? | 1 Yes | 3 No |
Answer / lakshmi
profit and loss account is correct It may either gross
profit and net profit or even net loss or viceversa
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / narshi
Hi, commonly we are calling profit and loss a/c because in
profit & loss a/c commonly comes only one i.e profit / loss.
so it is know only ofter done the final things only knows,
so commonly p & l a/c is correct
| Is This Answer Correct ? | 1 Yes | 7 No |
hey! i have an interview for PO in union bank on 11th feb. can anyone please tell me what major topics should i prepare for? of course npa is there. also cibil and basel basics. is there anything else i should prepare?
WHAT IS 'MORTGAGE AND REVERSE MORTGAGE'?
3 Answers BA Continnum Solutions,
Expand N D P
Dear all We have purchases the dialer & loger with all equipement for setup new call center from simens ltd. i taken to in our books as plant & machinary under fixed assets .So we want the rate of deprecation. Please answered me .
EXPAND_________VHF
If we spend a sum of Rs.10 Lacs towards Processing and Upfront fee for obtaining working capital term loan. can we treat this amount as a deferred revenue expenditure or not
What are different types of reports made in tally
what is investment
What is the Difference between hire purchase and a finance Lease?
what is market captilization?
what is ADRs?
Where is we show Discount Received in which head?
Audit 
