Insert the amount in the respective cells against the type of revenue. If the comparison with the past year is not required you can leave it blank. It also helps to identify the reasons for higher expenses and fewer profits or even losses. This helps you to do a comparative study. One is for the current year and the other for the previous year. Note: Please enter the net sales revenue amount after deducting sales return and other discounts offered during sales if any. These revenues include Sales Revenue, Service Revenue, Interest Revenue, etc. Under the Revenue section, insert all kinds of revenues generated by the company. The top section consists heading of the sheet and the period for which it is prepared. This template consists of the following 3 sections: Revenues, Expenses, and Taxes & Summary. Content of Profit and Loss Account Template
Important Note: To edit and customize the Google Sheet, save the file on your Google Drive by using the “Make a Copy” option from the File menu.Īpart from that, you can download other Financial Statement templates from our websites like Cash Flow Statement, Bank Reconciliation Statement and Trial Balance, etc. You can use this template to prepare the monthly as well as yearly P&L Statements for your company.Įxcel Google Sheets Open Office Calc Apple NumbersĬlick here to Download All Financial Statement Excel Templates for ₹299. It can be helpful to accounting professionals, audit supervisors, account managers, etc. This template can be useful for businesses of all sizes. Just insert the respective amounts in the cells and it will automatically calculate profit or loss for your company.
We have created an easy-to-use Profit and Loss Account Template by grouping all revenue and expenses with predefined formulas.
Revenues = Sales Revenue – Sales Returns + Service Revenue + Interest Revenue + Other RevenueĮxpenses = All operating expenses + Cost of goods sold + Research and Development + Salaries and Wages + Software + Travel + Utilities + Web Hosting and Domains + Other Expenses. Revenues – Expenses – Taxes = Net Profit or Loss The formula to calculate Profit/Loss by Multiple-Step Method is as follows:
Generally, small companies prepare the Income Statement using the Single Step statement. You can prepare the Profit and Loss Account or Income Statement by two methods: Methods To Prepare Profit And Loss Account In simple terms, the profit and loss statement provides a detailed look into the financial health of a company during the accounting year. It helps us to define whether the company is making profits or incurring losses. The Income Statement provides a complete summary of revenue generated and expenses incurred by a company, which in turn gives an insight into a company’s financials. It is also known as the P&L account or Income Statement. Profit and Loss Account is the first financial statement prepared before preparing the Balance Sheet.