Question

Paid life insurance premium of proprietor Rs 2,000 and income tax Rs 1,500

Answer 1

Drawings.. Dr

Income tax... Dr

To cash

Answer 2

The answer of the following Question is given below

Explanation:

                              Journal Entry

                          In the Books of (--- Ltd)

Date                          Particular                  Debit   Credit 

           Life Insurance                  a/c Dr.        2,000

           Income Tax                      a/c Dr.        1,500

           To Bank                            a/c                            3,500

       (Being Life Insurance and Income tax Paid From Bank.)

          Drawings                          a/c Dr.       3,500

          To Life Insurance             a/c                            2,000

          To Income Tax                 a/c                             1,500

(Being Income tax and life Insurance Premium Treated as Drawings For the owner.)

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