Profit & Loss Account (Income Statement/Revenue Statement) is one of the Financial Statements of the company that displays the expenses incurred and incomes earned during a particular period.
In other words, it displays the revenues recognized for a specific period and the cost and expenses charged against these revenues including write-offs (e.g., depreciation and reduction of the value (amortization) of various assets) and taxes.
The purpose of Profit & Loss Account is to measure that whether the company had earned profits or incurred losses during the specific period of time.
PROCESS TO VIEW PROFIT & LOSS STATEMENT IN MARG BOOKS
Firstly, click on the 'Reports'.
Select 'Profit & Loss'.
The user can view that the Profit & Loss statement has been displayed.
If the user needs to view any component in detailed form, then either click on that component regarding the transactions that has taken place or simply press 'Enter'.
Here, the user can view the detailed form of that particular component.
The user will keep pressing enter and the software will display the further details of that particular component.
Fig. 1 View of Detailed form of Component in Marg Books