First Class Profit And Loss Account Is Also Known As

It is prepared to find out the Net Profitloss of the business for the particular accounting period. The Profit and loss account is the financial statement of all transactions made by a company during a certain period of quarter or year. Profit and Loss Account is different from Trading Account because Trading account shows only the gross profit while profit and loss account shows net earnings of the business firm.

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The Trading Profit and loss account also known as income statement is used to access your business performance and financial performance.

Profit and loss account is also known as. 5 years agoSee more. Upvote 0 Downvote 0 Reply 0 Answer added by Ahmed Alkhateb Independent Accounting Self employed. It is calculated by deducting indirect expenses from the Gross ProfitLossand adding indirect incomerevenue int the Gross ProfitLoss.

The profit and loss account is also called Income statement Upvote 0 Downvote 0 Reply 0. Both the trading account and the profit and loss account form part of the double entry as they are used to close off the temporary accounts at the end of an accounting period. Profit loss ac is popularly known as PL Ac.

The profit and loss PL statement is a financial statement that summarizes the revenues costs and expenses incurred during a specified period usually a fiscal quarter or year. An income statement or profit and loss account also referred to as a profit and loss statement PL statement of profit or loss revenue statement statement of financial performance earnings statement statement of earnings operating statement or statement of operations is one of the financial statements of a company and shows the companys revenues and expenses during a particular period. Reported income and expenses are directly related to an organizations are considered to measure the performance in terms of profit loss.

The profit and loss account is also known as a PL report an income statement a statement of operation a statement of financial results or an income and expense statement. 4 years ago. A profit and loss account also known as PL is one of two main statements the other is the balance sheet that is prepared to measure the performance and position for a business for a period of time ie a month quarter or year.

The Profit and Loss Account is a Financial Statement which summarizes a companys revenue and expenditure for a specific period of time usually prepared annually or quarterly. Profit and loss account shows the net profit and net loss of the business for the accounting period. In other words the profit and loss statement reports a companys revenues expenses and most of the gains and losses which occurred during the period of time specified in its heading.

The credit entry of 145000 is the gross profit for the period. The trading and profit or loss account is also called Income Statement. Home Green Board Miscellaneous Question.

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