Income tax paid by a sole proprietor from his business income should be:

Related MCQs

• Income tax paid for the proprietor from the business is
• If the provision for income tax for 2013 is Rs.30,000 and for 2014 is Rs.40,000; and income tax of Rs.25,000 is paid during the year 2014 in respect of year 2013, the amount of to be debited to the Profit and Loss Adjustment Account as “Provision for Income Tax” to find out “Funds from Operation” will be
• _________ liabilities represent proprietor’s equity, i.e. all thoseamount which are entitled to the proprietor
• According to which concept, proprietor of a business is treated as a creditors to the extent of his capital
• Value of goods withdrawn by the proprietor for his personal use should be credited to ____.
• The premium paid on the life policy of the proprietor is debited to
• ` 1,250 paid for the residential telephone bill of the proprietor which of these accounts will be detailed
• Which of the following are current assets of a business? i. Income received in advance ii. Stock iii. Debtors iv. Pre-paid expenses v. Accrued income
• In the balance sheet of sole trader business , assets are managed in the order of
• Withdrawals by proprietor would