how to adjust life insurance of owner in profit and loss
account or balance sheet
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The profit and loss (P&L) account summarises a business' trading transactions - income, sales and expenditure - and the resulting profit or loss for a given period. The balance sheet, by comparison, provides a financial snapshot at a given moment
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Balance the profit and loss report. Add a line at the bottom of the report labeled "Net Income." Subtract the total expenses from the total revenue.
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