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how to prepare a profit and loss statement in quickbooks wel e to the fit small business quickbooks line training course in this lesson we’re going to cover the importance of reviewing your profit and loss statement and how to prepare a profit and loss statement in quickbooks line with samples profit and loss sheet template profit and loss sheet template is very important document that is prepared in all organization’s accounts and finance departments main purpose of creating profit and loss sheet is to determine the profit and loss ratio of a business how to read a profit and loss statement dr n how to read a profit and loss statement [dr n ramachandran ram kumar kakani] on amazon free shipping on qualifying offers finance made easy series has been designed to cater to managers and executives with little understanding of finance and little time to read treatises on financial management hence making profit and loss statements in excel using pivot being an accountant myself trust me i hate numbers and all that journals and “t” accounts but its necessary to to much meaningful financial statements like statement of financial position balance sheet and profit and loss statement in e statement in e statement profit and loss statement 3 gains such as the gain on the sale of long term assets or lawsuits result from a transaction that is outside of the primary activities of most businesses a gain is reported on the in e statement as the net of two amounts the proceeds received from the sale of a long term asset minus the amount listed for that item on the pany s books book value