The Companys Act 1956, under Schedule VI, lays down that the profit and loss account shall be

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‘The Company’s Act 1956, under Schedule VI, lays down that the profit and loss account shall be made out so clearly as to disclose the result of the working of the company during the period covered by the accounts and shall disclose every material feature including credits or receipts and debits or expenses in respect of non-receiving transactions of special nature’. Give your comments on this statement.

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