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| Profit and Loss Statement Template in Excel |
What is a profit and loss statement?
The profit and loss statement is a summary of a business’s income and expenses over a specific period. It should be prepared at regular intervals (usually monthly and at financial year end) to show the results of operations for a given period.
Calculating the cost of goods sold varies depending on whether the business is retail, wholesale, manufacturing, or a service business. In retailing and wholesaling, computing the cost of goods sold during the reporting period involves beginning and ending inventories.
This, of course, includes purchases made during the reporting period. In manufacturing, it involves finished-goods inventories, plus raw materials inventories, goods-in-process inventories, direct labour, and direct factory overhead costs.
In the case of a service business, the revenue is being derived from the activities of individuals rather than the sale of a product and hence the calculation of cost of goods sold is a smaller task due to the low-level use of materials required to earn the income.
The image below shows how profit and loss are calculated.
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| how profit and loss are calculated |
The Profit and Loss Statement Template Consist of 6 sheets.
Example Profit and Loss Statement
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| Example Profit and Loss Statement |
Profit and Loss Statement sheet
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| Profit and Loss Statement sheet |
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| Example Balance Sheet |
Balance Sheet
The Balance Sheet shows the financial position of the business as at a point in time Prepare a balance sheet for the start of the business, six months later and then at the end of the first year. Draw the information from the Profit & Loss Statement and the Cash Flow Statement. A Balance Sheet brings together the results from the Profit & Loss Statement and the Cash Flow Statement. Fill in the figures below, expanding or reducing the assets, liabilities and shareholders equity areas.Example cashflow statement
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| Example cashflow statement |
Cashflow statement
In financial accounting, a cash flow statement, also known as statement of cash flows, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities.
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| Cashflow statement |
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