Question

income tax paid for the proprietor is debited to....​

Answer 1

Answer:

Drawings A/C

Explanation:

In case of a sole proprietor, tax expenditure is not an expense since such an expenditure is not incurred with respect to generation of sales.

During the payment of income tax, following entry is journalised:

Income Tax A/C                                          Dr.

   To Bank A/C

(Being income tax paid recorded)

Such expenditure is treated as drawings and regarded as a personal nature expenditure. The journal entry for such adjustment being,

Drawings A/C                                             Dr.

     To Income Tax A/C

(Being Income Tax paid adjusted through drawings of the proprietor recorded)

Learn More:

https://brainly.in/question/12658235

Income tax is a direct or indirect expense?​

https://brainly.in/question/1538649

What is sole proprietorship