A is a company received commision from

29 May 2022

A is a company received commision from many firm A, b , c ,d and other many firm so what are the journal entries for it ?

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 29 May 2022

Debit Company Name and credit Commission A/c

Atharv Sankliya (1354 Points)
Replied 29 May 2022

1 cash A/c dr
to A/B/C A/c cr

2 A/B/C A/c dr
to commission A/c cr

does this entries are correct ?

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 29 May 2022

Absolutely correct

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Atharv Sankliya (1354 Points)
Replied 29 May 2022

What are the entries when one of then become debtor for the same

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 29 May 2022

The first entry of receipt of cash is only done in case of receipt of amount, no separate entry reuired if any one of them become debtors,

Atharv Sankliya (1354 Points)
Replied 29 May 2022

A/b/c dr 60000
to commission a/c cr. 60000

debtor a/c. 20000
to B cr. 20000
is it correct mam ?

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 29 May 2022

First entry for commission due

A/B/C 60000

To Commission 60000

On receipt entry will be

Bank / cash A/c Dr 10000

To A/B/C 10000

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