A profit and loss statement template is a brief document which summarizes income, costs and expenses occurred in a business during a specific time period. This document 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 as income statement but gives brief explanation about operating cost, operating profit, earning without any deduction of taxes. So, this document is different from income statement on the basis of various important facts. It contains company name, logo, details about company, date, time, different blocks for creating description about profit and loss statement, operating and non-operating expenses, deductions and any other crucial information along with the signature of authorized person.