Profit and Loss Account
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Financial Statements of a Sole Proprietorship without Adjustments
MS: Akaun Untung Rugi · EN: Profit and Loss Account · ZH: 损益账户
Meaning
The Profit and Loss Account is the second part of the income statement, continuing from gross profit to arrive at net profit. It adds other revenues such as discount received and deducts all expenses such as salaries, rent and utilities. The final balance is the net profit or net loss.
Example
Melati Flower Shop earns a gross profit of RM32,000 and commission revenue of RM1,000. Its expenses are salaries RM12,000 and rent RM6,000. Net profit = 32,000 + 1,000 - 18,000 = RM15,000.
Source: DSKP KSSM Prinsip Perakaunan Tingkatan 4