A legal profit and loss statement is an important financial document that prominently portrays all income and expenditure details of a particular company or business organization. All the incurred costs and profits earned are entered in the form of legal statements and the net gain or loss is calculated. Such a statement serves as a valid account for the estimate of a company or organization’s financial status and can be of ultimate help in proper planning and management for further development.
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Sample Legal Profit and Loss Statement:
Name of the company: M/s Innova Tech and Co
Legal profit and loss statement for the span: 11th July, 2011 – 11th December, 2011
Statement prepared by: Mr. Jack Peterson
M/s Innova Tech and Co
Purpose: The profit and loss statement has been prepared under full consideration of the legal orders of the United States of America. The information and financial details provided in the following sections are true to the best of the knowledge of the company representative and any mistake will be acted upon legally, with necessary penalties being addressed.
The legal profit and loss statement is as follows:
- Net cost of purchase: $36750000
- Net sales: $92850000
- Salary and wages of employees: $4500000
- Repair and maintenance costs: $125000
- Utility expenses and automobile charges: $3400000
- Insurance expenses: $1850000
- Miscellaneous costs: $675000
Gross profit in the stipulated time span: $48550000
Financial documents confirm that all debts and liabilities for the respective fiscal year have been cleared and there are no pending payments. Taxes have also been paid in time and there are no legal complaints against the company from any of the higher authority departments of the State.