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Where is income tax is recorded
where is income tax is recorded in final account in sole proprietorship and partnership ?
Replies (4)
Quick Summary
Income tax paid on the debit side of profit and loss account
if income tax payable it is recorded on the liabilities side of balance sheet
if income tax payable it is recorded on the liabilities side of balance sheet
Income tax paid recorded in p&l a/c is of which year previous year or current financial year ??
Current Financial year
Income tax is a statutory liability , hence such payment is charged in profit and loss account.
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