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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 ?
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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 |
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