any one suggest me the following
Deposit accepted for Rs.10,000/- which includes commission @ 5% at the time of receipt and 1 % after 15 days.
is the following is correct entry?
Debit :cash A/c Rs.9400/-
Debit : Commission @ 5% Rs.500/-
Debit :Commission incurred but not due @ 1% Rs.100/-
Credit : 5% deposits Rs. 10000/-