Profit and loss statement template is a financial statement which tells the overall profit or loss of the business for six month or a whole accounting year. All expenditures are added up and subtracted from total sales to get profit of the business. All expenditures or the business are settled against total net sales of the business in this statement. This profit and loss statement template is prepared before making other financial statements like income statement or balance sheet. This statement is required for some other purposes also like for applying some sort or loan or it may be shown…