Profit and loss statement is a financial document that is used to summarize all revenues, expenditures and costs of a business for a specified period of time. This statement may be prepared on monthly, quarterly or yearly basis depending on the size of transactions of a business. All expenditures are settled down against net sales of the business. This statement is necessary to make other statements like income statement or balance sheet and can also be used as an evidence of business income to apply for some loan or mortgage etc. Proper format must be followed to draft profit and loss statement.
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