[leevoomirlon]

I have done the balance day adjustments using the info below, but i dont know how to get the profit and loss amount from the expense and sales, and what should i do after that, please help me and if you could also check if my answers are correct

[paraclete]

This requires too much work to check your calculations

as to profit and loss

sales minus cost of sales equals gross profit
gross profit minus expenses equals net profit

you should prepare an income statement and a balance sheet, that is the conventional methodology

[pready]

Profit and Loss is also known as Net Income, which is Revenues minus Expenses. Net Income will be on the Profit and Loss Statement, which is also known as the Income Statement and Net Income will transfer to the Balance Sheet as Retained Earnings.

The best way to do this is use Excel and set-up a Worksheet with columns for your trial balance, adjustments, adjusted trial balance, Income Statement, Balance Sheet, Closing Entries, and Post-Closing Balance Sheet