Hello, Welcome sir ,madam.
I am accountant in company. A Profit and loss Account or an Income Statement will show how much profit or loss a company has generated over a period of time. It will show a company's sales revenue earned for that particular period along with expenses incurred during the same time.
A profit and loss statement will look something like this:
Total Sales 50000
Cost of sales (20,000)
Gross profit 30,000
Less operating expenses (7,000)
Operating profit 23,000
Plus other income 2,000
Less other expenses (1,000)
Profit before tax 24,000
Less tax (8,000)
Net profit (or net loss) 16000
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Components of Financial statements will be prepared with the compliance of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).