Why we call Profit and Loss A/c's Profit and Loss A/c?

Question

why we call Profit and Loss A/c's Profit and Loss A/c because in business we get profit or loss why not calling Profit OR Losss A/c.

Answer 1

01-06-2008   PB SEC 70 MATOR Journal 7548   516   8064  

01-06-2008   PB PH 7 MOHALI Journal 7613   1,489.00   9102  

01-06-2008   PB PH 5 MOHALI Journal 7615   2,565.00   10180  

01-06-2008   PB PH 9 MOHALI Journal 7616   2,384.00   10000  

01-06-2008   PB PH 10 MOHALI Journal 7618   3,593.00   11211  

01-06-2008   PB SUNNY ENCLAVE KHARAR Journal 7621   1,357.00   8978  

01-06-2008   PB PH 1 MOHALI Journal 7625   2,655.00   10280

Answer 2

I don't know, probably because accountants are not good at grammar. LOL ;)

Answer 3

Profit and Loss A/c is a Book of different ledgers and sections. Some section/ledger may be profit and some may be loss. So it is called (Ledgers of) Profit and Loss A/c

Answer 4

because  we   want  only  profit