What Is A Profit and Loss Statement?
If you borrow a sum of money from a creditor, you’ll have to complete the Profit and Loss Statement at least once in three months. The information you will add to the form is important for creditors, as they can use it to change the terms of the loan. While completing the statement, you’ll have to provide information about your business, your name, dates of the reported period; the exact amount of the income and expenses. And of course, the statement should be signed and dated by the borrowers.
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