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Profit and loss account horizontal format. In India there are basically two formats of PL statements. In order to find out the overall performance or results of the operating of general insurance business Profit and Loss Account of the General Insurance Companies is prepared. It also takes into account the income from investment by way of interest dividend Rent ProfitLoss on sale of investments.
The PL statement shows a companys ability to generate sales manage expenses and create profits. Indirect Income Other incomes which are earned from Business other than the main operation of the business. A profit and loss account shows business performance over a specific interval of time with the complete and absolute records of incomings and outgoing of the business.
Profit and loss account is commonly known as the account which enlists and shows all the profits and loss of a company have in a special period of time. The following is the pro-forma of Profit and Loss Account when it is prepared as a separate account. Opening stock is the stock of goods which.
Profit and Loss Account Form B-Pl. Prepare trading and profit and loss account and balance sheet. Profit Loss Ac can be prepared in two formats.
Furthermore It enables you to summarize the revenues costs and expenses that a company incurs a specified period. Gross Profit or Gross Loss After all items of trading are arranged in the prescribed trading account format the account must be balanced to determine loss or profit arising out of selling activities. Profit and Loss Account is also known as Income Statement Statements of Operations Earning Statement Revenue Statement Operating StatementStatement of Financial Performance.
There are two formats for preparing Trading Account. The credit entry of 145000 is the gross profit for the period. Every company prepares a profit and loss account statement at the end of the year generally to get the visibility of the income earning expenses and loss.
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