The premium paid on the life policy of the proprietor is debited to

Related MCQs

• If 500 shares of 10 issued at a premium of 1 on which 9 (including premium) have been called and 7 including premium have been paid are forfeited, the forfeiture account should be credited by :
• _________ liabilities represent proprietor’s equity, i.e. all thoseamount which are entitled to the proprietor
• In case debentures of Rs. 10,000 are issued at par but payable at a premium of 10% the premium payable will be debited to:
• Madhu Ltd. forfeited 800 shares of `10 each issued at 10% premium to Shyam (` 9 called up) on which he did not pay ` 3 of allotment (including premium) and first call of `2. Out of these, 600 shares were re-issued to Ram as fully paid up for `9 per share. What is to amount to be transferred to capital Reserve?
• A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
• Income tax paid for the proprietor from the business is
• ` 1,250 paid for the residential telephone bill of the proprietor which of these accounts will be detailed
• Income tax paid by a sole proprietor from his business income should be:
• The amount paid as premium for an insurance policy taken for redemption of debentures is credited at the end of the accounting period to:
• When forfeited shares (which were originally issued at a discount ) are reused at a premium, the amount of such premium will be credited to