Hi friends, I need an Accounting entry using the following data, Mr. A is an insurance agent who is getting commission periodically (say monthly @ 30000 per month GROSS) from LIC of india. The following items are deductable from the GROSS commission amount monthly: 1.Tax Deducted at Source (Say @ 10%) 2.Personal Insurance Premium (Say 5000 per month) 3.Housing loan installment (Rs.5000 per month Interest+Principal) 4.Monthly deduction of a Fixed amount for his personal savings(Say Rs.1000 per month) Any body out there tell me IN-DETAIL a journal entry to be passed in the TALLY ERP 9.0 ENVIRONMENT. Waiting for your reply..............
Thank you.,
KUMAR.
CAclubindia
