Net balance of profit and loss is known as
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The account that shows annual net profit or net loss of a business is called Profit and Loss Account. It is prepared to determine the net profit or net loss of a trader. P&L account is a component of final accounts. The following items usually appear on the debit and credit side of a Profit and Loss Account.
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The account that shows annual net profit or net loss of a business is called Profit and Loss Account. It is prepared to determine the net profit or net loss of a trader. P&L account is a component of final accounts. The following items usually appear on the debit and credit side of a Profit and Loss Account.
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