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What are the Contents of Profit and Loss Account?

April 26, 2017account Contents loss profit

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What are the Contents of Profit and Loss Account?

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10 Posted

Though no format has been prescribed for the profit and loss account, Part II to Schedule VI of the Companies Act, 1956 gives a list of items which must be disclosed in every profit & loss account. Every profit and loss account of a company must give a true and fair view of the company’s profit or loss for the financial year for which it is drawn up.