why is the profit and loss account is prepared
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Explanation:
Profit and Loss Account is a period statement which is prepared to show the profit or loss incurred by the Organization in the year for which it is prepared. It is prepared to disclose the result of operations of all the business transactions during a given period of time.
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Answer:
profit means get much money more than the we have bought it from
ex - I bought a pen for 50 rupees and have sales at 80 rupees means 30 rupees profit for me
loss means give an object for less price than we bought it from
ex - I have bought the clock for 250 rupees and saled ir for price 200 rupees means 50 rupees is the loss for me
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