Profit and loss account is a financial statement that shows a company's revenues, expenses, and net income or loss for a specific period.

• It is also known as income statement or statement of operations...read more

The income statement or profit and loss account is the financial statement of the company it shows a revenue and expenditure of the company in a particular year

1 year profit or loss of the company is known

P&l is a part of balance sheet. P&l generate after the booking of expenses in relation of business like salary & wages marketing expenses and all in our business.

p& l statement is a financial statement that summarised cost, revenue, expenses during the period. it indicates how the revenues are transferred in to net income & net profit