There are two statements marked as Assertion (A) and Reason (R). Mark your answer as per the options given below.

Assertion (A):  Statement of Profit and Loss shows the results of business operations for the year ended on that date.
Reason (R): It is prepared in the form prescribed in Part II of Schedule lll of the Companies Act, 2013.

Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion (A).

An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. It indicates how the revenues are transformed into the net income or net profit. The purpose of the income statement is to show managers and investors whether the company made money or lost money during the period being reported.
It applies to all Indian companies preparing financial statement as per Schedule III to the Comapnies Act, 2013. It does not apply to (i) Insurance or Banking Company, (ii) Company for which a form of balance sheet or income statement is specified under any other Act. Accounting standards shall prevail over Schedule III of the Companies Act, 2013.