by: Admin_LouisPosted on:

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

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