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Accounting treatment
I have paid. 1000000 as advance to idea company and receive recharge balance of 1001100 including commisoon. please prescribe accounting entry of whole situation. I may be paid above 1 crore this year to the idea company.and have no record for sale to public because there are lot of transaction every day amounting to Rs 100 or less.
Replies (4)
Advance with idea co(as recharge)a/c dr.
To bank a/c
To commission suspense a/c
and at the year end commission will be w/off in P&L as income. (proportionatly as recharge done)
cash a/c dr.
To advance with idea co.
and at the year end the advance with the idea co. is shown as current asset
To commission suspense a/c
and at the year end commission will be w/off in P&L as income. (proportionatly as recharge done)
cash a/c dr.
To advance with idea co.
and at the year end the advance with the idea co. is shown as current asset
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Thanks so much sir for your response
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