Dr Ulhas Patil Medical College Hospital Accountant Interview Questions and Answers

Profit or loss can be seen in Tally by generating a Profit & Loss statement.

• Navigate to Gateway of Tally

• Go to Display menu

• Select Profit & Loss statement

• View the report to see the profit or loss

• You can also customize the report based on different parameters

Profit or loss is calculated by subtracting total expenses from total revenue.

• Calculate total revenue by adding up all income generated from sales, services, etc.

• Calculate total expenses by adding up all costs incurred in running the business.

• Subtract total expenses from total revenue to determine profit or loss.

• Profit = Total Revenue - Total Expenses

• Loss = Total Expenses - Total Revenue