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The horizontal format of P.
Profit and loss account horizontal format. A profit and loss statement PL or income statement or statement of operations is a financial report that provides a summary of a companys revenues expenses and profitslosses over a given period of time. It is valued at the end of an accounting period at cost or net realisable value whichever is lower. Trading account is prepared to show the gross profit or gross loss for the period.
Profit and loss account is commonly known as the account which enlists and shows all the profits and loss of a company have in a special period of time. Items not shown in Profit and Loss Account Format. There are two formats for preparing Trading Account.
The following is the pro-forma of Profit and Loss Account when it is prepared as a separate account. They are Horizontal Profit Loss Ac. In a horizontal format the T shaped structure for preparing the PL account is used.
Profit and Loss Account. The credit entry of 145000 is the gross profit for the period. Furthermore It enables you to summarize the revenues costs and expenses that a company incurs a specified period.
The number of years over which analysis is required are entered in columnar format and change from last year in terms of amount and percentage is analyzed. The four formats given for profit and loss accounts by the Companies Act. Net ProfitLoss Gross ProfitLoss Indirect Income Indirect Expenses.
Horizontal format analysing costs by items of expense. The PL statement shows a companys ability to generate sales manage expenses and create profits. The vertical format of P.
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