What Is A Profit and Loss Statement?
The Profit and Loss Statement is completed by the borrowers to calculate their profit and expenses during a certain period of time. The information provided in the form is usually required by the creditors to modify loan terms. The minimum period, which may be reflected in the report is three months. The borrowers have to add the information about their business, gross income, and expenses (total and detailed). The borrowers should also certify the form with their signature.
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