Why do call p&la/cas a P&l a/c ?, why not P{or}L a/c

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Why do call p&la/cas a P&l a/c ?, why not P{or}L a/c..

Answer / hitesh akki

we write profit and loss account because this particular
performa has got one debit side n one credit side if credit
amount is more we get profit n if debit amount is more we
get loss and at the begnning of the year we will be not
knowing whether we will get net profit or loss so we will
write porfit & loss account...we generally dont use profit
or loss account because in accouting system the performa is
set as profit & loss account we cant change the rules of
accouting standards we we have to follow this performa
only..

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Why do call p&la/cas a P&l a/c ?, why not P{or}L a/c..

Answer / dipak

we don't know at time of drafting p&l a\c that at the end
of a/c period we will get p or l.further some item ln p&l
a/c there may gross loss or profit but at the end it will
be net profit or loss.

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Why do call p&la/cas a P&l a/c ?, why not P{or}L a/c..

Answer / shankar

Some times in some transanction gross loss or gross profit
may come all company transanctions but at the end of the
year only net profit or net loss comes.

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0 Yes

4 No