The figures posted to the P&L account may not be the same as the transactions in your bank account. The profit and loss statement will show the business name and the period the statement is for this can be a week, month, quarter, year, or any period you require. What is Included in the Profit and Loss Statement? It is a useful report for accountants and bookkeepers. Trial Balance – A trial balance shows all the figures from both the p&l and balance sheet. Net Profit – When you take off the expenses from the gross profit, the balance is the Net Profit. Operating Expenses – These are the general running expenses of a business and include admin costs, stationery, insurance, rent, interest and rent. Operating expenses also include the depreciation of assets. Gross Profit – The total income of the business, minus the cost of goods sold. ![]() An example might be a product or direct labour. Another term for it is total revenueĬost of Sales– The total of the direct goods relating to the sales. If you sell several different categories, they are listed separately and then a total. Income or Turnover – This is the figure for total sales.
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