Q422
In case of a sole trading business, which of the following statements is correct:
A.
Income tax is debited to Profit and Loss Account
B.
While preparing Final Accounts, if goods are in- transit, but their invoice is received, proper entry should be made in books of account
AnswerC.
While preparing Final Accounts, if goods are received, but their invoice is not received, no entry should be made in books of account
D.
None of the above
Answer: Option B
Solution
Answer: Option B
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