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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 / narshi
Hi, commonly we are calling profit and loss a/c because in
profit & loss a/c commonly comes only one i.e profit / loss.
so it is know only ofter done the final things only knows,
so commonly p & l a/c is correct
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