A sole proprietor paid his personal Income Tax by withdrawing cash for the payment from his business. The double entry posting in ledger with respect to the above transaction is:

A sole proprietor paid his personal Income Tax by withdrawing cash for the payment from his business. The double entry posting in ledger with respect to the above transaction is:
DR Taxation A/C; CR cash A/C
DR Personal Tax A/C; CR Bank A/C
DR Drawings A/C; CR Cash A/C
DR Cash A/C; CR Drawing A/C

Leave a Reply

MEET OVER 2000 NOUN STUDENTS HERE. 

Join us for latest NOUN UPDATES and Free TMA answers posted by students on our Telegram. 

OUR ONLINE TUTORIAL CLASS IS NOW ON!!! JOIN US NOW. 
JOIN NOW!
close-link