PROFIT & LOSS

PROFIT & LOSS ACCOUNT

The Profit and Loss account shows what net profit or loss your business has made within a particular accounting period after deducting all expenditures from income. 

The profit is earned when the total number of expense is less than total income and earn loss if the total expense is greater than total profit. 

In profit and loss account report, Nett profit shows at the left side and Nett loss shows at the right of the report.