Question

what is profit and loss ?

Answer 1

Profit
profit is having extra money than the MRP of the  cost price. its formulae is
profit= SP ( SELLING PRICE ) - C P ( COST PRICE ).

Loss

it is a fact of loosing money by getting less money than the MRP of the cost price. Its formulae is 
loss = CP ( COST PRICE ) - SP ( SELLING PRICE )

Answer 2

profit means to get the extra money for some things which we buy and sell for more money
loss means we don't any money more but we will lose our money