Question

Give the proforma of profit and loss account of banking company without schedules.​

Answer 1

Explanation:

Banking companies are required to prepare their Profit and Loss Account according to Form B in the Third Schedule. Form B is in a summary form and the details of various items are given in the Schedules.

Hope it well help you

Answer 2

PROFIT AND LOSS ACCOUNT.

• Profit and loss account also called as statement of profit and loss as it records all expenses and the incomes and adjust the surplus or deficit.
• The statement or record profit and loss (P&L) statement refers to a financial statement that summarizes and analysis the revenues, costs, and expenses incurred during a financial year or fiscal year.
• Expenses that are sent to the debit side of the P&L in accounting mean the money spent, or costs incurred, by a business in their performance to generate revenues.
• The Accounts of expenses represent the cost of doing business; they are the aggregate of all the activities and operations that hopefully generate a profit.

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