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Answer Posted / sunil jadhav
Profit and lOss a/c is a statement usally prepared by the
person at the end of the accounting period.Though it is
usaually prepared at but if management needs it can be
prepared on monthly basis or on daily basis. and it
contains on the right hand side Income a/c and on left hand
side it shows your expenses and provisons a/c and balance
of the both side is to recoreded, if there is balance on
the left hand side then organisation shows profits and if
there is balance on the right hand side. but no profit and
loss a/c shows simultaneously both the figure i.e. profit
and loss. It means no organisation will shows
simultaneously profit and loss.
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