Invoice Template

Profit and Loss Account Format: Statement of P&L (Schedule III)

Profit and loss account formats: the Schedule III statement of profit and loss for companies, a simple P&L for small businesses, worked examples and free Excel templates.

Statement of profit and loss (Schedule III)

Statement of profit and loss for the year ended 31 March 2026
ParticularsNoteAmount
I. Revenue from operations48,50,000.00
II. Other income35,000.00
III. Total income (I + II)48,85,000.00
IV. Expenses
  Cost of materials consumed19,00,000.00
  Purchases of stock-in-trade6,50,000.00
  Changes in inventories(80,000.00)
  Employee benefits expense8,20,000.00
  Finance costs95,000.00
  Depreciation and amortisation1,40,000.00
  Other expenses5,20,000.00
Total expenses (IV)40,45,000.00
V. Profit before exceptional and extraordinary items and tax8,40,000.00
VI. Exceptional items0.00
IX. Profit before tax8,40,000.00
X. Tax expense: current and deferred1,67,000.00
XI. Profit for the period6,73,000.00

Example figures. Companies also show earnings per share and previous year figures.

Simple profit and loss statement for small businesses

Amount
Sales12,40,000.00
Less: Cost of goods sold(8,45,000.00)
Gross profit3,95,000.00
Less: Salaries, rent, utilities, other expenses(1,99,000.00)
Less: Depreciation and interest(30,000.00)
Add: Other income13,000.00
Net profit1,79,000.00

For a proprietor or firm, the trading and profit and loss account in T-form is also common.

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Common P&L mistakes

Do

  • Separate revenue from operations and other income.
  • Show depreciation as its own line.
  • Match expenses to the period (accrual).

Avoid

  • Do not include drawings or capital items as expenses.
  • Do not put GST collected into revenue.
  • Do not net off income and expenses without disclosure.

Downloadable Excel

Need the bill before the books?Make GST invoices, bills and receipts in the browser; they feed straight into these registers.
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Frequently asked questions

Is profit and loss account the same as income statement?

Yes. Companies in India call it the statement of profit and loss.

Where do drawings go?

Not in the P&L. Drawings reduce capital in the balance sheet.

Checked and updated 14 Oct 2026. Independent template site; not tax or legal advice.