Profit and loss appropriate account for the year ending ?

To prepare a profit and loss statement for the year ending, you would typically use an income statement account. This account summarizes the revenues and expenses of a business over a specific period of time, usually a fiscal year.

The profit and loss statement shows the net income or loss of the business by subtracting total expenses from total revenues. It provides valuable information about the financial performance of the business and helps stakeholders make informed decisions.

Some common income statement accounts include:
- Sales revenue
- Cost of goods sold
- Gross profit
- Operating expenses
- Net income

By analyzing these accounts, you can determine the profitability of the business and identify areas for improvement.

Profit and Loss Appropriation Account