imported>Doug Williamson |
imported>Doug Williamson |
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| (P&L or PL or PNL).
| | 1. ''Insolvency law.'' |
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| | An agreement between a financially distressed company and its creditors or members to effect a merger or a restructuring, which requires the sanction of the court. |
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| Historically, a primary financial statement – showing the revenues earned in a period matched with the expenditures incurred in the same period to arrive at a figure of net profit or loss.
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| Under the 'double entry' accounting convention, income items in the Profit and loss account are Credits (CR) and expenses are Debits (DR).
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| A net profit is a Credit in the Profit and loss account. | | A similar agreement, for a company which is not necessarily financially distressed. |
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| A net loss is a Debit in the Profit and loss account.
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| Under International Accounting Standards the profit and loss account is superseded by the Statement of profit or loss and other comprehensive income.
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| Historically, another name for the Profit and Loss reserve in the balance sheet.
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| Net profits or losses <u>for the period</u> in the Profit and loss account feed through in turn to the Shareholders' funds (<u>cumulative</u> retained profits or losses) in the 'bottom half' - reserves section - of the Balance sheet (as <u>at the end of the period</u>).
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| == See also == | | == See also == |
| * [[Accruals concept]] | | * [[Insolvency]] |
| * [[Attributable profit]] | | * [[Merger]] |
| * [[Balance sheet]] | | * [[Restructuring]] |
| * [[Cashflow statement]]
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| * [[Credit balance]]
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| * [[Debit balance]]
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| * [[Financial statements]]
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| * [[Income statement]]
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| * [[International Accounting Standards]]
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| * [[Loss]]
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| * [[Profit]]
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| * [[Profit and Loss reserve]]
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| * [[Statement of profit or loss and other comprehensive income]]
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| [[Category:Accounting,_tax_and_regulation]] | | [[Category:Corporate_finance]] |
| | [[Category:Long_term_funding]] |
| | [[Category:Compliance_and_audit]] |
| | [[Category:Manage_risks]] |
| | [[Category:Risk_frameworks]] |
1. Insolvency law.
An agreement between a financially distressed company and its creditors or members to effect a merger or a restructuring, which requires the sanction of the court.
2.
A similar agreement, for a company which is not necessarily financially distressed.
See also
