Question

explain profit and loss account​

Answer 1

Answer:

profit and loss account shows a company's revenue and expenses over a particular period of time, typically either one month or consolidated months over a year. ... The profit and loss account represents the profitability of a business. It cannot, for example, show you if you are running out of cash as you build.

Explanation:

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Answer 2

The account which is prepared to ascertain net profit or net loss of a business is called net profit or net loss account. All indirect expanses and losses are debited in this account and gain and incomes are credited. Direct expenses are recorded in trading account and all remaining (indirect) expenses and losses of a business are recorded in the profit and loss account.