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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 / ravi
p&l a/c involves combination of both profit and loss
items, so it is called p&l a/c
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CLASSIFY THE FOLLOWING INTO REAL,NOMINAL AND PERSONAL- 1.unpaid salaries a/c 2.arvind mills a/c 3.arvind mills shares a/c 4.prepaid rent a/c 5.fire insurance premium a/c 6.life insurance premium a/c 7.petty cash a/c 8.loan given a/c 9.interest received a/c 10.loan received a/c
Distinguish value andPrice
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