The purpose of profit and loss account is to ascertain
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Correct Answer: Option D
Explanation:
The profit and loss account also known as Income statement is prepared to ascertain the net profit. The net profit is ascertain when the expenses is deducted from the Gross Profit.
The profit and loss account also known as Income statement is prepared to ascertain the net profit. The net profit is ascertain when the expenses is deducted from the Gross Profit.