Question

commission received in hand

Answer 1

Commission received in advance means cash is received before completing a transaction that is eligible for commission . It therefore becomes a liability. So the journal entry would be,

Cash/Bank A/C ……dr

To Commission A/C.

(Being commission received in advance)

Answer 2

Commission received in advance means cash is received before completing a transaction that is eligible for commission . It therefore becomes a liability. So the journal entry would be,