A profit and loss statement (P&L) is a summary of income and expenses for your business.
The P&L will inform you whether your business made or lost money for the month under review.
Example profit and loss statement
|Less||Cost of Goods Sold||$||426,200||42.6%|
|Accounting and legal fees||$||11,700|
|Interest and bank charges||$||27,300|
|Printing and stationery||$||8,700|
|Rent for premises||$||74,300|
|Repairs and maintenance||$||21,100|
|Vehicle operating costs||$||20,000|
|Wages and salaries||$||223,500|
|All other expenses||$||14,100|
|Equals||Net Profit (BOS)||$||85,500||8.6%|
BOS = Before owners salary