What is Profit and loss account
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Profit and loss account is an nominal account in which all indirect incomes and expenses are recorded like postage, salaries, commission paid, commission received , interest on capital , printing and stationary etc. it is prepared to know the profits and losses incurred during the particular year. it is made after the Trading account has been made.
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is one of the financial statements of a company and shows the company's revenues and expenses during a particular period.
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