A profit and loss statement template is a brief document which summarizes income, costs and expenses that occurred in a business during a specific time period. It provides all details about profit and loss along with its circumstances. It is a useful tool for analyzing beneficial factors which are essential to maintain for development and business growth. A profit and loss statement is also similar to an income statement but gives a brief explanation of operating costs, operating profit, before tax and after-tax earnings. So, this statement is different from an income statement on the basis of various important facts. Moreover, it includes the following information: the company name, logo, details about the company, date, time, different blocks for creating a description of profit and loss statement, operating and non-operating expenses, deductions and any other crucial information along with the signature of the authorized person.