1.In P&L A/c individual items of profits and losses are posted and the

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 ?

Question Posted / pnkjay

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Answer Posted / pnkjay

1.In P&L A/c individual items of profits and losses are
posted and then net profit or loss is found out.

2.It may be Gross Loss and Net profit or Gross profit and
Net loss.

So, it is called Profit & Loss account

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