The equation for working out gross profit ... This is the final part of the profit and loss account. If the net profit figure is negative, the business has made a loss.

Find the percentage loss if the trainers are sold ... the same answer if you’d worked out the formula by only using the information for one pair: Profit: £50 – £40 = £10.

One of the most important ways business owners can keep track of their finances is with a profit and loss sheet. This often overlooked document is a legal requirement for limited companies and helps ...