Question

how to pass journal entry of income tax paid and LIC premium paid and how to adjust
LIC premium $income tax paid in trial balance in case of sole properitor

Answer 1

For entering transactions on journal:-

Income tax account...Dr..
Lic premium account...Dr..
To cash account....

It will be adjusted in two manner...
If there will be outstanding tax then it ll be added to the concerned tax, and will be shown on liability side....

If there will be advance payment of tax, then it eill be subtracted from concerned tax and will be added to Asset side.