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Commission Receivable journal entry pass

A/c entries 5468 views 12 replies
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5 Points Posted on 08 March 2022

Dear sir please tell me the commission Receivable journal entry pass with example

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On 08 March 2022 at 09:26 Report
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Quick Summary
Commission receivable is recorded as income accrued. First entry: Commission Receivable Dr To Commission Income. When received: Bank Dr To Commission Receivable. It is an asset until received and later closed against income. It finally appears in Profit & Loss and balance sheet adjustment.

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141 Points Posted on 08 March 2022
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
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On 08 March 2022 at 09:49
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5 Points Posted on 08 March 2022

Thank you very much sir

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On 08 March 2022 at 09:55
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Profession Business
28207 Points Posted on 08 March 2022
How can commission receivable be a liability?
44 Reply
On 08 March 2022 at 16:15
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140 Points Posted on 08 March 2022
Commission recievable is not liability here ,it is income so given as credit
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On 08 March 2022 at 22:32
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Profession Business
28207 Points Posted on 09 March 2022
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.
44 Reply
On 09 March 2022 at 10:35
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Senior Accountant
797 Points Posted on 09 March 2022

how can commission receivable be credit.

9 Reply
On 09 March 2022 at 12:55
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Profession Business
28207 Points Posted on 09 March 2022
First it is shown as Dr. as a receivable account.
after receipt of the commission
Bank account dr.
cr. commission receivable
44 Reply
On 09 March 2022 at 17:02
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Chartered Accountant
12739 Points Posted on 11 March 2022

JE

1. Commission Receivable Dr. 

   To Commission 

 2. Bank Dr.

   To Commission Receivable 

40 Reply
On 11 March 2022 at 12:39
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Senior Accountant
797 Points Posted on 11 March 2022

Exactly. This entry is correct.

9 Reply
On 11 March 2022 at 12:42
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Profession Business
28207 Points Posted on 11 March 2022

Murli follows my entry.

44 Reply
On 11 March 2022 at 20:25
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Senior Accountant
797 Points Posted on 12 March 2022

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.

9 Reply
On 12 March 2022 at 10:40
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Executive
9865 Points Posted on 30 March 2023

To record commission receivable : 

Debit: Commission Receivable Account
Credit: Commission Account

4 Reply
On 30 March 2023 at 11:56


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