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Query

Where should life insurance and income tax be recorded??


Reetikaa  R

Reetikaa R

CA Foundation

5K+

15-Dec-20

34

Answers (13)

In case of a proprietor deducted from capital balance.


Suraj Lakhotia

Suraj Lakhotia

Admin

15-Dec-20

Why sir


Thread Starter

Reetikaa  R

Reetikaa R

CA Foundation

5K+

17-Dec-20

And in case other firms ,where will be recorded


Thread Starter

Reetikaa  R

Reetikaa R

CA Foundation

5K+

17-Dec-20

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


Suraj Lakhotia

Suraj Lakhotia

Admin

18-Dec-20

I didn't understand sir


Thread Starter

Reetikaa  R

Reetikaa R

CA Foundation

5K+

25-Dec-20

Thread Starter

Reetikaa R

I didn't understand sir

Which part?


Suraj Lakhotia

Suraj Lakhotia

Admin

25-Dec-20

Suraj Lakhotia Admin

Which part?

Both life insurance and income tax sir


Thread Starter

Reetikaa  R

Reetikaa R

CA Foundation

5K+

25-Dec-20

Thread Starter

Reetikaa R

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

Why not shown in p&l account sir


Thread Starter

Reetikaa  R

Reetikaa R

CA Foundation

5K+

26-Dec-20

Thread Starter

Reetikaa R

Why not shown in p&l account sir

Its personal expense.


Suraj Lakhotia

Suraj Lakhotia

Admin

26-Dec-20

Suraj Lakhotia Admin

Its personal expense.

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


Thread Starter

Reetikaa  R

Reetikaa R

CA Foundation

5K+

26-Dec-20

Suraj Lakhotia Admin

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

What is Flrm tax sir


Thread Starter

Reetikaa  R

Reetikaa R

CA Foundation

5K+

26-Dec-20

Thread Starter

Reetikaa R

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

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