Profit and loss account

Rahul Jaiswal

Creditors and debtors have done there transactions in last year or we can say in past and we prapare Profit and Loss Account for that particular years only, not for past year. We show incomes and expenditures or profit and loss in P & L and drawing is neither profi and incomes nor Expenses and Loss

CA Suraj Lakhotia Admin

because they are not items of income or expense.