Dear sir please tell me the commission Receivable journal entry pass with example
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Commission Receivable journal entry pass
Replies (12)
Suppose you will receive a commission of ₹10000 from mr X then you will pass this journal entry in your books of accounts
mr x a/c Dr
to commission receivable a/c
when you actually received the Commission
bank a/c dr
to mr x a/c
mr x a/c Dr
to commission receivable a/c
when you actually received the Commission
bank a/c dr
to mr x a/c
Thank you very much sir
How can commission receivable be a liability?
Commission recievable is not liability here ,it is income so given as credit
Please note the entry:
Commission receivable is always dr. bal.
commission receivable Dr.
commission cr.
( on booking of any commision)
Bank dr.
Commission receivable
(after receipt of commision)
Commision will appear in profit loss account, commission receivable will be squared in case entire amount received.
Bank will appear in balance sheet.
Commission receivable is always dr. bal.
commission receivable Dr.
commission cr.
( on booking of any commision)
Bank dr.
Commission receivable
(after receipt of commision)
Commision will appear in profit loss account, commission receivable will be squared in case entire amount received.
Bank will appear in balance sheet.
how can commission receivable be credit.
First it is shown as Dr. as a receivable account.
after receipt of the commission
Bank account dr.
cr. commission receivable
after receipt of the commission
Bank account dr.
cr. commission receivable
JE
1. Commission Receivable Dr.
To Commission
2. Bank Dr.
To Commission Receivable
Exactly. This entry is correct.
Murli follows my entry.
I have completed my CA Inter pass. some basic accounts I can understand. Actually I am a science graduate and I studied Accounts without any tution.
To record commission receivable :
Debit: Commission Receivable Account
Credit: Commission Account
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