No difference. It is just a matter of symantics (different ways to say the same thing).
Profit and loss accont is used to calculate the profit or loss of business while profit and loss appropriation account is used to allocate or distribute net income or loss to share holders or different reserves account.
Income and expense for not for profit organisations is same as profit and loss account but they cannot use the name profit and loss account because not for profit organisations are not formed to earn profit.
: Profit and loss account gives the actual information about net profit or net loss of the business for an accounting period, Profit and loss account gives the actual information about indirect expenses, Profit and loss account serves to show the ratio between net profit to sales, Profit and loss account helps in showing the ratio between net profit to operating expenses, Profit and loss account helps in controlling indirect expenses
Profit and loss is nothing but an statements which shows the net profit and net loss during a period.
Income and expenditure account is used by not for profit companies as they are formed for not for profit basis that's why they cannot use profit and loss account.
"What are the limitations of profit and loss account?"
gross profit is taken from the profit and loss account
profit or loss
Debit balance of Profit & Loss Account represents "Loss"
Loss and negative profit are same things as there is no such thing as negative profit if company spend more than its earns it has negative profit or loss.
its when a partnership business draws up an Appropriation Account to show how the net profit is shared out between the partners
details of profit and loss appropriation account Profit and loss appropriation account is prepared after profit and loss account..It s a account where the profits earned by the company is brought in from profit and loss accont and it s distributed to various accounts like interim divident account, provision for taxiation account, general reserve account etc.....it s a account which shows how the profits are distributed in an organisation.....