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Answer Posted / shiva
taxes paid should be shown in the P & L a/c. and Provisions
also should be shown in the debit side of the Profit & Loss
a/c. at the same time these provisions should be effect on
the Laibility side of the Balance Sheets. Income Tax and
and Other Taxes might be shown when you prepared Profit &
Loss Appropriation A/c.
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How to prepare in yearly turnover?
pass the journal as wellas ledger entries off the foll 1st jan :> started businress with cash rs 1,20,000 & goods worth rs 60,000. 2nd jan > cash purchases rs 50,000. 4th jan >cash sales rs 40,000. 6th jan > purchase good's from sonali on credit worth rs 30,000 at 10 % trade discount. 8th jan> sold sood's to komal on credit rs 20,000 at 10% trade discount. 10th jan > paid rent by a cheque rs 50,000. 12th jan > good's worth rs 4,000 lossed by fire. 14th jan > good's worth rs 3,000 withdrawn from business for personal use. 16th jan > good's worth rs 2,000 distributed as free samples. 18th jan > good's worth rs 1,000 exchange for furniture.
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