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why we use the term profit and loss account instead of
profit or loss account
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Answer Posted / kruti
In Profit & Loss a/c we are recording both profit
transaction & loss transaction. profit on sell of goods or
services or assets and loss on on giving various charges,
expenses or sale of machinery.
so here we are recording both transaction instead of
recording single one. that's y we are called this account
profit & loss a/c instead of profit or loss a/c.
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