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A is a company received commision from
A is a company received commision from many firm A, b , c ,d and other many firm so what are the journal entries for it ?
Replies (7)
Quick Summary
Debit Company Name and credit Commission A/c
1 cash A/c dr
to A/B/C A/c cr
2 A/B/C A/c dr
to commission A/c cr
does this entries are correct ?
to A/B/C A/c cr
2 A/B/C A/c dr
to commission A/c cr
does this entries are correct ?
Absolutely correct
What are the entries when one of then become debtor for the same
The first entry of receipt of cash is only done in case of receipt of amount, no separate entry reuired if any one of them become debtors,
A/b/c dr 60000
to commission a/c cr. 60000
debtor a/c. 20000
to B cr. 20000
is it correct mam ?
to commission a/c cr. 60000
debtor a/c. 20000
to B cr. 20000
is it correct mam ?
No
First entry for commission due
A/B/C 60000
To Commission 60000
On receipt entry will be
Bank / cash A/c Dr 10000
To A/B/C 10000
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