BUY COURSES
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Query
Where should life insurance and income tax be recorded??
Reetikaa R
CA Foundation
★ 4K+
15-Dec-20 16:11
14
Answers (13)
In case of a proprietor deducted from capital balance.
Suraj Lakhotia
Admin
15-Dec-20 20:05
Why sir
17-Dec-20 21:17
And in case other firms ,where will be recorded
17-Dec-20 21:18
FIrm tax - Debited to P&L Individual Insurance premium - Respective partners.
18-Dec-20 07:26
I didn't understand sir
25-Dec-20 12:40
Which part?
25-Dec-20 19:42
Both life insurance and income tax sir
25-Dec-20 21:01
If they are of the proprietor, they would be adjusted against capital account.
26-Dec-20 06:55
Why not shown in p&l account sir
26-Dec-20 12:05
Its personal expense.
26-Dec-20 16:28
In case of partnership firm ,where will income tax be shown sir
26-Dec-20 16:32
What is Flrm tax sir
26-Dec-20 16:33
Income tax paid by Firm. It will be shown in P&L
26-Dec-20 17:28
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