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Why do call p&la/cas a P&l a/c ?, why not P{or}L a/c
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Answer / erphan jani khan
When an organization gets profit on sale of assets or any
scrap it is recorded on the credit side and at the same time
time when there is a loss on sale of assets or sale of
scrap, it will be recorded on DEBIT side of P&L a/c. As both
profits & losses are recorded in this account, it is called
as P&L a/c and not P{or}L a/c.
| Is This Answer Correct ? | 46 Yes | 3 No |
Answer / dayanand ramgurwadi.
some times in p & l a/c there may be gross loss but at the
end we may get net profit What i mean in p & L a/c there
may be possibility of both profit and loss.
| Is This Answer Correct ? | 25 Yes | 8 No |
Answer / laxman
Exactly we don`t know whether we get a profit or loss at
the end of the accounting period, thats why we call p&l a/c.
| Is This Answer Correct ? | 13 Yes | 10 No |
Answer / shashidhar.n
Coz profit and loss account have both entries I mean it
have both debit and credit entries that is why we tell like
this.
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / v. s. k. phani nallamalli
When an organization gets profit on sale of assets or any
scrap it is recorded on the credit side and at the same time
time when there is a loss on sale of assets or sale of
scrap, it will be recorded on DEBIT side of P&L a/c. As both
profits & losses are recorded in this account, it is called
as P&L a/c and not P{or}L a/c.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sainath
the heading of the account should be given in respect to the
contents of the account and not merely with the result of
the account
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / kiran kumar
In Profit and loss a/c, Both we get profit and Loss
Simultaneously in the credit and Debit side of the
respective A/c, As exactly we dont konow the final result
of a concern.
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / manjeet singh
The criteria of P&L account is based on items on debit &
credit sides contributing towards profit & loss and not on
the actual result.
| Is This Answer Correct ? | 1 Yes | 2 No |
at the time of drafting P&L a/c we are not in knowledge
that wheather at the end of accounting year there is loss
or profit with certainity. there may be loss or profit at
the end of A.Y
| Is This Answer Correct ? | 2 Yes | 4 No |
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