Question

commission kiy ha assets y liability experience
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Answer 1

Answer:

Commission received does not come under the asset side of the balance sheet, but rather is recorded indirectly in the balance sheet in both asset and liability.

When you receive commission it is recorded in the credit side of the P&L a/c, thus increasing the net profit, and the same net profit is recorded in the liability side, therefore increasing the liability.

Now as commission has been received either in cash or bank form, either of these current asset would also increase, again resulting in an increase in the asset side of the balance sheet.

Therefore both asset and liability record the commission received indirectl

Explanation:

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