PROFIT AND LOSS

Profit is when you have a business like say I was selling flowers but first I would need to buy them, and they cost £10 so I would have to sell them more than £10 so I would get a profit. Next I would have to sell the flowers for more so I would sell them for £10 I would get a profit of £5. Loss is the opposite of profit so it I would sell my flower for £5 I would get a loss of £5 because I would still need to pay the shop where I got the flowers from.

Ledger

A ledger is a book where you record the profit and loss you make.