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One of the most interesting accounting reports is Profit & Loss, often referred to as P&L.Needing little introduction normal accounting policies are applicable.

 

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			Profit & Loss
				Period			Year To Date
		Sales
		Product Sales
		Sales of Assets
		Other Sales
		Purchases
		Purchases
		Direct Expenses
		Sales Promotions
		Gross Profit/Loss
		Overheads
		Gross Wages
		Travelling & Entertainment
		Printing & Stationery
		Professional Fees
		Bank Charges & Interest
		Depreciation
		General Expenses
		Suspense & Mispostings
		Net Profit/Loss

Notes: When viewing Profit & Loss Sheet, "Period" normally refers to the current financial accounting period up-to an including the time the accounts were prepared.

This excercise is to provide you with an interactive tool to plan your enterprise & understand the basics of financial accounting and the various terms and reference of good business practices