What is profit and loss account
Dear Student
Profit and Loss Account is the account which shows net profit earned or net loss incurred during an accounting period. It is credited with gross profit and indirect incomes and debited with indirect expenses. The net result is either net profit or net loss.
Regards
Profit and Loss Account is the account which shows net profit earned or net loss incurred during an accounting period. It is credited with gross profit and indirect incomes and debited with indirect expenses. The net result is either net profit or net loss.
Regards