need help for a/c entry
This query is : Resolved
02 July 2011
i m new in accounts . need entry for following transaction.
i ve ebook of A -
terms is outof total sale 50% share is A & 50% share is our . pl. help me for accounting entry .
e.g. Rs. 5000 total sale so Rs. 2500 is a share & Rs. 2500/- is our commission
i ve ebook of A -
terms is outof total sale 50% share is A & 50% share is our . pl. help me for accounting entry .
e.g. Rs. 5000 total sale so Rs. 2500 is a share & Rs. 2500/- is our commission
02 July 2011
In case of Cash sales
Bank/Cash A/c............Dr.
To Commission earned A/c
To Mr. A A/c
In case of Credit Sales
Party Name A/c ......Dr.
To Commission earned A/c
To Mr. A A/c
Bank/Cash A/c............Dr.
To Commission earned A/c
To Mr. A A/c
In case of Credit Sales
Party Name A/c ......Dr.
To Commission earned A/c
To Mr. A A/c
03 July 2011
Has rightly been given the entry but in my opinion profit is to be shared and not the gross sales. Who will bear the VAT or Service Tax?
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