Simplifying Profit and Loss Statement in this video.
A profit and loss account is an account in the organization's books in which incomes and gains are credited and expenses and losses are debited. This shows the net profit or net loss.
If the incomes and gains exceed the expenses and losses, then it results in net profit. Net loss is when the expenses and losses exceed the incomes and gains.
It is one of the most important documents which keeps an eye on the financial health of the company.
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