At the end of a financial period in an organization , all expense and revenue accounts are closed to a summarizing account usually called a Profit and Loss Account. This is the financial statement that summarizes revenues and expenses for a specific period of time, usually a month or a year or quarter.
It shows financial the activity of a business during that period and indicates any profit or loss earned.
Revenue - value of goods and services which have been delivered to customers.
Expenses - costs incurred in earning these revenues.
Net Profit - is the excess of Revenue over Expenses, on the Profit and Loss Account.
Net Loss - is the excess of Expenses over Revenue, on the Income Statement.
You will get page :
Note : Gross profit value using in profit and loss account report & after calculation got Net Loss value because of "Income" is less than "expense".
You can check statements to related "Indirect Expenses" by digging just one click.
Go further by clicking on "Other Expenses (It is a Group Name)".
Go further by clicking on "Stationery Expense (It is a Ledger Name)".
Now you get transaction record of "Stationery Expenses".
Transaction voucher detail.
After analysis of Profit and Loss Account Report, you got Net Loss of 4945. Now you have to check "Balance Sheet". Balance sheet calculations based on "Net Profit and Net Loss".