Multiple Choice Questions on Income Tax if given in the Trial Balance is recorded in ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Income Tax if given in the Trial Balance is recorded in ........

General Accounting Principles Accounting cycles
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     Income Tax, if given in the Trial Balance is recorded in :

    Trading Account

    Incorrect Answer

    Profit and Loss Account

    Incorrect Answer

    Balance Sheet

    Correct Answer

    None of these

    Incorrect Answer
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    Explanation:

    Balance Sheet-

    In the case of sole proprietorship, income tax is treated as a personal expense. It is debited to the Capital Account in balance sheet and not to the Profit and Loss Account.

    By: NIHARIKA WALIA
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