Versh*tji right....
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Help me in a complex journal entry !
varsh*t is right.
Mr Varshisht Shah is right
| Originally posted by : Varsh*t Shah | ||
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yes mr. vas* shah is correct ! Thanks to all for your answers !
Cash a/c Dr. xxx
To S.Debtors A/c xxx
As from ur question it seems that income has been considered in earlier years under the head Commission A/c thats why Opening Balance of Rs.10,000 is there.
Cash a/c Dr. xxx
To S.Debtors A/c xxx
As from ur question it seems that income has been considered in earlier years under the head Commission A/c thats why Opening Balance of Rs.10,000 is there.
hi friend 1st we need to pass the due entry
ie, deb a/c dr
to commission (income)
then pass the entry that show the receipt of cash
ie, cash/bank dr
to deb.
Dear Mr.Jafar,I understood yr qtn and give the entry.:
first, you can create the provision for commission to be recd in the next year. e.g LIC a/c dr and commission a/c cr. being the provision created for the income to be recd. In the next year when u recd the cheque/cash , then put the entry as bank/ cash a/c dr and LIC a/c credited. by sekar-9445145480
varsit has solve your issue, follow the instruction of mr.varsh*t
if the opening outstanding balance is of the client from which you have received money in the current year...then simply pass
Cash A/c ....... Dr. (amount received)
To Debtors A/c (amount received)
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