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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 Posted / 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.
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