I have a slight confusion regarding the grouping in accounts: I have paid the commission to an HUF according to me i feel the account shoudl be under the Group Sundry Creditors...Am I right? than again i have received a loan from the same firm....I have to open another account with the same name as huf under the Group Unsecured Loans under the Liabilities side....Am i right?? kindly guide...
06 October 2012
1) Commission :- Please confirm wich type of commission you have been paid to this party. This transaction and ledger is depend upon type of commision.
2) Received Loan: If you have to pay interest on this loan then this account is under the group of unsecured loan under liability. If this loan is interest free then under current liability.
06 October 2012
ok then Party account is under sundry creditors. When you have paid the commission then dr. to party account. Commision is your bussiness overhead. So you have to pass jounral entry. Overheads ac.... dr. to Party ac.
CAclubindia
