Question

prepare a fictitious format for statement profit and loss​

Answer 1

Answer:

A profit and loss (P & L) statement measures a company sale's and expenses during a specific period of time. The function of a (P & L) statement is to total all sources of revenue and subtract all the expenses related to the revenue . It's shows a company's financial progress during the time period that has been examined.

The P&L statement contains uniform categories of sales and expenses. The categories include nets sales , cost of goods sold gross margin , selling and administrative expenses and net profit. These are categories that you, too , will use when constructing a P & L statement. Since it is a rendering of sales and expenses, the P & L statement will give you a feel for the flows of cash into ( and out of ) your business.

The (P & L) is also known as the income statement and the earning statement.

May I think so it will be helpful to you.