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TeachMeFinance.com - explain Profit and loss account historic definition... Profit and loss account -- The surplus income account. In a balance sheet a profit and loss deficit appears as a debit; a profit and loss surplus appears as a credit. The profit or loss of a company is shown by the change in the profit and loss item. This change, plus dividends paid, shows the actual profit. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.