IndigoLearn

Forums

Query

Where should life insurance and income tax be recorded??


Reetikaa  R

Reetikaa R

CA Foundation

4K+

15-Dec-20 16:11

17

Answers (13)

In case of a proprietor deducted from capital balance.


Suraj Lakhotia

Suraj Lakhotia

Admin

15-Dec-20 20:05

Why sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

17-Dec-20 21:17

And in case other firms ,where will be recorded


Reetikaa  R

Reetikaa R

CA Foundation

4K+

17-Dec-20 21:18

FIrm tax - Debited to P&L Individual Insurance premium - Respective partners.


Suraj Lakhotia

Suraj Lakhotia

Admin

18-Dec-20 07:26

I didn't understand sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

25-Dec-20 12:40

I didn't understand sir

Which part?


Suraj Lakhotia

Suraj Lakhotia

Admin

25-Dec-20 19:42

Which part?

Both life insurance and income tax sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

25-Dec-20 21:01

Both life insurance and income tax sir

If they are of the proprietor, they would be adjusted against capital account.


Suraj Lakhotia

Suraj Lakhotia

Admin

26-Dec-20 06:55

Why not shown in p&l account sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

26-Dec-20 12:05

Why not shown in p&l account sir

Its personal expense.


Suraj Lakhotia

Suraj Lakhotia

Admin

26-Dec-20 16:28

Its personal expense.

In case of partnership firm ,where will income tax be shown sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

26-Dec-20 16:32

FIrm tax - Debited to P&L Individual Insurance premium - Respective partners.

What is Flrm tax sir


Reetikaa  R

Reetikaa R

CA Foundation

4K+

26-Dec-20 16:33

What is Flrm tax sir

Income tax paid by Firm. It will be shown in P&L


Suraj Lakhotia

Suraj Lakhotia

Admin

26-Dec-20 17:28

Happy Mother's Day
IL Pass percentages
Tally Free
Quote
Refer
EMI
Lazypay
Past_Exams