As sole proprietor where do I enter income tax owing?

As sole proprietor where do I enter income tax owing?

Parents
  • In the case of a sole proprietor there is no income tax owing. Income Tax in this case is a personal expense. If you withdraw the funds from the business to pay your personal income tax then the entry would be to debit the Owner's Withdrawals in the Equity Section of the accounts.

Reply
  • In the case of a sole proprietor there is no income tax owing. Income Tax in this case is a personal expense. If you withdraw the funds from the business to pay your personal income tax then the entry would be to debit the Owner's Withdrawals in the Equity Section of the accounts.

Children
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