Income tax paid by a sole proprietor from his business income should be:
A) Debited to the trading Account
B) Debited to the Profit and Loss Account
C) Deducted from the Capital account in the Balance Sheet
D) none
Correct Answer:
Verified
Q44: Goods distributed as free samples is debited
Q45: Journal entry for wages paid Rs. 5,000
Q46: Interest of Drawings is:
A)Expenditure for the business
B)Expense
Q47: Drawings account is the nature of
A)Personal Account
B)Real
Q48: Outstanding Salaries are shown as:
A)An Expense
B)A Liability
C)An
Q50: The Income created but not yet received
Q51: The income earned but not yet received:
A)Accrued
Q52: The closing stock in adjustment is shown
Q53: The opening stock is shown in:
A)Trading Account
B)Profit
Q54: The trial balance checks
A)Arithmetical accuracy of books
B)The
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