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Answer Posted / anup
P&L a/c is list of closing balances of all the nominal
accounts for the given period of time.this a/c help us to
find exact trading profit or loss for that period.we record
all the expenses and losses on the debit side, and all the
incomes and gains on the credit side.debit balance of p&l
a/c is considered as loss and vice-versa.
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