The Bankruptcy Court does not have an official form for profit and loss statements. See below for tips on how to meet disclosure requirements.
Relief To Start Living
The Bankruptcy Court does not have an official form for profit and loss statements. See below for tips on how to meet disclosure requirements.
If you are self employed, you will need to provide at least six months of profit and loss statements. There is no specific form or format that is required for this. If you have an accountant or have been creating these forms already, it is fine for you to use what you already have. If you need to create these from scratch, here is some general advice.
If It Works For Your Business, Use Our Form
Not every business is the same and sample forms may or may not provide for expenses. If our form works for you, feel free to use it.
Do Not Recreate the Wheel
If our form does not work for you, do not recreate the wheel. Do an image search on your browser of choice for “profit and loss form example”. This will give you an idea of what different forms look like and what you might want to use for your business.
Consider Using Office/Word Templates
Most word or office style programs will have a template for a profit and loss statement or a template can easily be downloaded into that format for free. Take a look, this may save you a lot of time.
What Should Go Into a Profit and Loss?
Every business is unique but in essence you are looking at including all profits, all expenses, and any losses/taxes/etc. In short, show all income that came in and all money that went out. Be thorough in reviewing your books as there might be things like travel, gas, small purchases at the store for the business, etc. that are easy to miss.
Sample of a VERY SIMPLE Profit and Loss
January 2020
Gross sales: $5000
Expenses
Wages, paid to others: $1,000
Draws, paid to you: $1,000
Utilities: $100
Rent: $1,000
Office supplies: $50
Insurance: $100
Advertising: $50
Phone: $50
Travel: $50
Interest paid: $25
Taxes & licenses: $25
Total Expenses: (3,450)
Net Income: 1,550
Second Sample of a Profit and Loss Statement
INCOME
1. Gross Receipts or Sales $
2. Cost of Goods Sold $
3. Gross Profits (Subtract line 2 from line 1) $
4. Other Income $
5. Gross Income (Add lines 3 and 4) $
EXPENSES
6. Business Property Rent/Lease $
7. Salaries and Wages $
8. Employee Benefits $
9. Equipment Lease Payments $
10. Interest Payments $
11. Supplies $
12. Utilities $
13. Telephone $
14. Repairs and Maintenance $
15. Advertising $
16. Professional Fees
17. Insurances
A. Liability $
B. Property $
C. Vehicle $
D. Workers Compensation $
E. Other $
18. Taxes
A. Payroll $
B. Sales $
C. Other $
19. Total Expenses (Add lines 6 through 18) $
Net Income $ or (loss)–Subtract line 19 from line 5
