Is profit and loss an account, or a statement?
Prior to Coompanies Act, 2013, Profit and loss account was an account and was prepared as per Companies Act, 1956. After Companies Act, 2013 came into force, Profit and loss account changed into Statement of Profit and Loss. Thus, earlier it was an account, but now it is a statement prepared as per Schedule III of Companies Act, 2013. Hope it's worth reading.