Question

Which of the following is not debited to general profit and loss account?

Answer 1

Explanation:

Drawings are not the expenses of the firm. Hence, debit it to the Capital a/c and not to the Profit and loss a/c. Income tax: In the case of companies income tax is an expense but in the case of a sole proprietor, it is his personal expense. Therefore, debit it to Capital A/c

Answer 2

Answer:

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