Please suggest required gst entries for a bank while doing the following transactions.

here, in the given case firstly for while rasing invoice pass entries as below:

INSURANCE COMPAMY A/C       DR.

    TO COMMISSION A/C                      CR.

    TO CGST A/C                                    CR.

   TO SGST A/C                                     CR.

( in case of intrastate supply within the state)

INSURANCE COMPANY A/C    DR.

    TO COMMISSION A/C                   CR.

    TO IGST A/C                                  CR.

( IN case of interstate supply outside the state)

while receiving money from insurance company pass following entry

CASH A/C           DR.

OR,

BANK A/C           DR.

 TO INSURANCE COMPANY A/C     CR.

Originally posted by : Akshay Poriya
	here, in the given case firstly for while rasing invoice pass entries as below: INSURANCE COMPAMY A/C       DR.     TO COMMISSION A/C                      CR.     TO CGST A/C                                    CR.    TO SGST A/C                                     CR. ( in case of intrastate supply within the state) INSURANCE COMPANY A/C    DR.     TO COMMISSION A/C                   CR.     TO IGST A/C                                  CR. ( IN case of interstate supply outside the state) while receiving money from insurance company pass following entry CASH A/C           DR. OR, BANK A/C           DR.  TO INSURANCE COMPANY A/C     CR.

Here can I replace insurance company account with a commission receivable account. Please reply.

Yes, you can replace the insurance company account with the commission receivable account.

Thank you very much for your valuable reply sir.

Here we are debiting our receivables without getting payment from the company. I think it will be riskier if we didn't get payment from the insurance company. We have any other way to avoid debiting receivables or it's a must? Please clarify. 

here, as per accounting standard -9 revenue recognisation if there is full certanity abount collection of money and all the risk and reward transfer to buyer then, recognise revenue forthwith, and not waiting for actully receipt of money. so, in the given case when service provided and raising of invoice then revenue recogniseto commision account . here it is must to debit either sundry receivables account or directly insurance company account,. here you can also make provision for doughtful debt. and it is used when actually bad debt accured. any further query or clarificate please ask again.

Thanks Akshay Sir for your clear cut explanation.