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Why do call p&la/cas a P&l a/c ?, why not P{or}L a/c
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Answer Posted / hitesh akki
we write profit and loss account because this particular
performa has got one debit side n one credit side if credit
amount is more we get profit n if debit amount is more we
get loss and at the begnning of the year we will be not
knowing whether we will get net profit or loss so we will
write porfit & loss account...we generally dont use profit
or loss account because in accouting system the performa is
set as profit & loss account we cant change the rules of
accouting standards we we have to follow this performa
only..
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