in which condition the profits are obtained??
If an article is sold at a price higher than the price for which it was bought, there is a profit in the transaction. In other words, if Selling Price > Cost Price, there is a profit. If an article is sold at a price lesser than the price for which it was bought, there is a loss.
The profit and loss statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period. The P&L statement is one of three financial statements every public company issues quarterly and annually, along with the balance sheet and the cash flow statement.
