17 January 2011
Let us say 10 members Rs. 1000 each. So total Rs.10,000. Commission Rs. 1000 (Income). So balance available is Rs.9000. Auction happens for Rs. 7000. So Dividend is Rs. 2000. And the auctioned member gets 7000 (after commission) Every member now has to pay 800.
17 January 2011
Entry for installment is Cash debit 8000 Commission Credit 1000 ALL Individual accounts 700 each (total 7000). Pls note Pass book will show 800 (700 + 100 commission)
CAclubindia
