what is profit and loss account of a bank ??

Question

i need information on what is profit and loss account of bank ??

Answer 1

If you wish to look at the income statement of a bank, click on the link and go directly to page 104 which is the 2006 consolidated statements of income for Citigroup, which owns Citibank.

Answer 2

The purpose of the profit and loss account is to:

* Show whether a business has made a PROFIT or LOSS over a financial year.
* Describe how the profit or loss arose – e.g. categorising costs between “cost of sales” and operating costs.

A profit and loss account starts with the TRADING ACCOUNT and then takes into account all the other expenses associated with the business.

More information: http://www.tutor2u.net/business/gcse/finance_profit_and_loss_account.htm

Hope this helps.

Answer 3

It would go in the balance sheet. The double entry is Credit Creditors (Long term bank loan) £60k Debit Bank a/c £60k The 60k should go in your cashflow along with the repayments. The only part that will affect your profit and loss is the interest payments on the loan. What an interesting life I lead lol