Doubt regarding the first chapter - framework
This question might sound very basic but i would like to know the reason for it. Why does the P&l a/c doesn't contain gross profit?
Gross profit is more an internal calculation. There is no standard template as such, better not to show unless specifically asked.
Even in Statement of Profit & Loss as per Schedule III of Companies Act, there is no line item called Gross Profit.
Thank you so much for clearing my doubt.
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