What is the best way to learn to prepare a profit and loss account, a?
The best way to learn to prepare all these statements is to devide all of them in 2 parts. This is the way with which i learned it. For example. Preparing Balance Sheet 1st learn to prepare the liabilities side. Go through the main headings and postings in it. And then go for assets side. Same way you can learn the other two statements i.e. profit & loss and cash flow statement.