What do you mean by Profit and loss Account?

A.VERIFIED ANSWERfact-checked by tutors

A Profit and Loss Account is Prepared to calculate the net profit or net loss of the business for a given accounting period. “ A Profit and Loss Account is an account into which all gains and losses are collected in order to ascertain the excess of gains over the losses or vice versa”

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ACCOUNTANCY · CLASS 11

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